RALEIGH, N.C. (AP) -- Salix Pharmaceuticals Ltd. said Wednesday it is publicly offering 5.5 million shares of common stock.

The company is giving underwriters a 30-day option to buy up to an additional 825,000 shares to cover overallotments. Salix did not give a value for the offer.

The offering is expected to close on or about Nov. 23. Salix has about 48.9 million shares of common stock outstanding.

Shares of Salix fell 64 cents, or 3 percent, to $20.99 in morning trading. The stock has traded between $6.14 and $24.23 over the last 52 weeks.