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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-10-024968.txt : 20100316
<SEC-HEADER>0000950123-10-024968.hdr.sgml : 20100316
<ACCEPTANCE-DATETIME>20100316075832
ACCESSION NUMBER:		0000950123-10-024968
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100316
DATE AS OF CHANGE:		20100316

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXICON PHARMACEUTICALS, INC./DE
		CENTRAL INDEX KEY:			0001062822
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				760474169
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-161696
		FILM NUMBER:		10683699

	BUSINESS ADDRESS:	
		STREET 1:		8800 TECHNOLOGY FOREST PLACE
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77381
		BUSINESS PHONE:		2818633000

	MAIL ADDRESS:	
		STREET 1:		8800 TECHNOLOGY FOREST PLACE
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77381

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXICON GENETICS INC/TX
		DATE OF NAME CHANGE:	20000126

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXICON PHARMACEUTICALS, INC./DE
		CENTRAL INDEX KEY:			0001062822
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				760474169
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		8800 TECHNOLOGY FOREST PLACE
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77381
		BUSINESS PHONE:		2818633000

	MAIL ADDRESS:	
		STREET 1:		8800 TECHNOLOGY FOREST PLACE
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77381

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXICON GENETICS INC/TX
		DATE OF NAME CHANGE:	20000126
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>h70061fwfwp.htm
<DESCRIPTION>FWP
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed pursuant to Rule&nbsp;433<BR>
Registration No.: 333-161696<BR>
March&nbsp;15, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Lexicon Pharmaceuticals, Inc.<BR>
$100,875,000<BR>
87,717,391 Shares of Common Stock</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issuer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lexicon Pharmaceuticals, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Symbol:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LXRX</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Size:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;$100,875,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Shares Offered:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;87,717,391 Shares of Common Stock</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greenshoe Offered by Issuer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;8,804,348 Shares of Common Stock</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Price to Public:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;$1.15 per share</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trade Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;15, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Closing Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CUSIP No:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;528872104</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Underwriters:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated<br>
J.P. Morgan Securities Inc.<br>
Cowen and Company, LLC<br>
Thomas Weisel Partners LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invus Participation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To maintain its pro rata ownership of the common stock of Lexicon Pharmaceuticals, Inc., Invus,
L.P., the largest shareholder of Lexicon, has agreed to separately purchase in a concurrent private
placement 59,296,749 shares of common stock offered directly from Lexicon at the per share price to
the public set forth above for proceeds to Lexicon of $68,191,261. Additionally, an affiliate of
Invus has agreed to purchase from the underwriters 29,021,739 shares of the 87,717,391 shares of
common stock offered pursuant to this offering at the per share price to the public set forth
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent the underwriters exercise their over-allotment option, Invus will have the right to
purchase up to an aggregate of 5,951,718 additional shares of common stock pursuant to Invus&#146; right
to purchase shares sufficient to maintain its pro rata ownership of Lexicon&#146;s common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following completion of this offering Invus and its affiliated entities will own approximately
49.3% of the outstanding shares of Lexicon&#146;s common stock, or 48.9% if the underwriters exercise
their over-allotment option in full and Invus exercises its right to purchase additional shares
sufficient to maintain its pro rata ownership of Lexicon&#146;s common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Net Proceeds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total net proceeds to Lexicon from this offering and the Invus private placement will be
approximately $164,953,761 following the deduction of underwriting discounts and commissions and
estimated expenses payable by Lexicon, or $181,366,361 if the underwriters exercise their
over-allotment option in full and Invus exercises its right to purchase additional shares
sufficient to maintain its pro rata ownership of Lexicon&#146;s common stock.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dilution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New investors purchasing shares of common stock in this offering will experience immediate dilution
in net tangible book value of $0.21 per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Supplements to Agreements with Invus</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with this offering and the concurrent private placement, Lexicon entered into an
agreement with Invus and its affiliate supplementing the terms of the transaction agreements
between Lexicon and Invus, including the securities purchase and stockholders&#146; agreements with
Invus, dated June&nbsp;17, 2007, in the case of the securities purchase agreement, as previously
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The supplement to these transaction agreements:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Extends the period during which Invus may exercise its right to require Lexicon to
conduct the first rights offering under the securities purchase agreement from one year
beginning on November&nbsp;28, 2009 to fifteen months following November&nbsp;28, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provides that the 29,021,739 shares of common stock purchased from the underwriters in
this offering by Invus and its affiliates will not be restricted shares under the
stockholders&#146; agreement. As a result, the shares will not be subject to the voting
restrictions in the stockholders agreement and will be included in determining whether
Invus exceeds the 50% ownership threshold with respect to our common stock under the
stockholders agreement, thereby terminating certain rights thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reduces the maximum amount of the first and second rights offerings under the
securities purchase agreement by the net proceeds to Lexicon from this offering and the
concurrent private placement, or by approximately $165.0&nbsp;million. Pursuant to the
securities purchase agreement prior to giving effect to the supplement, Invus had the
right to require Lexicon to initiate the first rights offering to all of Lexicon&#146;s
stockholders in an aggregate amount to be designated by Invus not to exceed approximately
$172.3&nbsp;million. As a result, after giving effect to the supplement, the maximum amount
subject to the first rights offering will not exceed approximately $7.3&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at <U>www.sec.gov</U>. Alternatively, the issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus if you request it by
calling toll-free 1-(866) 718-1649, or by emailing <U>prospectus@morganstanley.com</U>.
</DIV>



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