October 15, 2009 (FinancialWire) — Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) has closed a public offering of shares of its common stock, with 38,333,332 shares sold after the exercise in full by the underwriters of an overallotment option. Morgan Stanley (NYSE: MS) acted as the sole book runner.

Invus, L.P., Lexicon’s largest stockholder, exercised its associated right to purchase additional shares. Of the total sold, 22,878,187 shares were offered through the underwriters and 15,455,145 shares are being purchased by Invus, including 2,015,888 shares being purchased by Invus pursuant to its right to purchase additional shares.

Lexicon expects to receive proceeds from Invus’ exercise of its right to purchase additional shares on October 15. The net proceeds to Lexicon from the offering are around $55.2 million.

The Woodlands, Texas-based Lexicon is a biopharmaceutical company that has five drug candidates in development for autoimmune disease, carcinoid syndrome, diabetes, glaucoma and irritable bowel syndrome, all of which were discovered by the company’s research team.

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