Vertex adds $443M to its big cash stash

Vertex Pharmaceuticals has scooped up $442.8 million from a secondary stock offering as it fattens its cash reserves ahead of the expected launch of telaprevir for hepatitis C. Some of the money is also earmarked for the development of VX-770 drug for cystic fibrosis. Vertex had already raised $573 million from earlier financing arrangements and a licensing deal for Japan. Vertex is capitalizing on a hot market for its shares, which are up 30 percent this year. This latest stock sale will take its cash reserves past the $1 billion mark. Vertex release