October 9, 2009 (FinancialWire) — Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) has priced a public offering of 33,333,333 shares of its common stock at $1.50 per share. Morgan Stanley (NYSE: MS) is acting as the sole book-runner.

In the offering, 19,894,076 shares are being offered through the underwriters and 13,439,257 shares are being offered to Invus, L.P., Lexicon’s largest stockholder.

Lexicon has also granted the underwriters a 30-day option to purchase up to an aggregate of 2,984,111 additional shares of common stock to cover over-allotments.

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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