Infinity Announces Closing of Public Offering and Exercise of Over-Allotment Option

CAMBRIDGE, Mass.--(BUSINESS WIRE)--

Infinity Pharmaceuticals, Inc. INFI today announced the closing of its previously announced underwritten registered public offering of common stock. The total number of shares of common stock sold was 6,551,461, composed of 5,696,923 shares of common stock initially offered and an additional 854,538 shares of common stock sold pursuant to the exercise of the underwriters' over-allotment option, in each case at a public offering price of $26.33 per share. All of the shares in the offering were sold by Infinity. The gross proceeds to Infinity from the offering, before deducting underwriting discounts and commissions and offering expenses, are approximately $172.5 million.

The joint book-running managers for the offering were Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC. BofA Merrill Lynch and Deutsche Bank Securities Inc. acted as co-lead managers. Additionally, Stifel Nicolaus Weisel acted as co-manager.

The securities described above were offered by Infinity pursuant to an automatically effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC). The final prospectus supplement and accompanying prospectus related to this offering are located on the SEC's website, www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may also be obtained from:

Morgan Stanley & Co. LLC						J.P. Morgan Securities LLC
Attn: Prospectus Department						c/o Broadridge Financial Solutions
180 Varick Street, 2nd Floor						1155 Long Island Avenue
New York, NY 10014						Edgewood, NY 11717
Phone: 866-718-1649						Phone: 866-803-9204
Email: prospectus@morganstanley.com

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Infinity Pharmaceuticals, Inc.

Infinity is an innovative drug discovery and development company seeking to discover, develop and deliver to patients best-in-class medicines for diseases with significant unmet need. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity's programs focused on the inhibition of phosphoinositide-3-kinase and heat shock protein 90 are evidence of its innovative approach to drug discovery and development.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these forward-looking statements as actual results may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties relating to Infinity's business, which can be found in Infinity's current report on Form 8-K filed with the SEC on December 12, 2012, and in other filings that Infinity makes with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity anticipates that subsequent events and developments will cause its views to change. While Infinity may elect to update these forward-looking statements at some point in the future, Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.