March 9, 2010 (FinancialWire) — Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) is offering to sell $95 MILLION of its common stock in an underwritten public offering. Morgan Stanley (NYSE: MS) and J.P. Morgan Securities (NYSE: JPM) will be acting as joint book-runners.

The company plans grant the underwriters a 30-day option to purchase up to an additional $14.25 million of common stock to cover over-allotments.

Texas-based Lexicon is a biopharmaceutical company that currently 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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