Citigroup, Leerink were the bookrunners; Wedbush was the lead manager
By Devika Patel
Knoxville, Tenn., Jan. 13 – Ardelyx, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $11.25 million greenshoe in full, lifting total proceeds of the offering to $86.25 million. The deal was announced Jan. 6 and priced for $75 million with the greenshoe on Jan. 8.
The company sold 8,625,000 common shares at $10.00 per share. The price per share is a 0.89% discount to the Jan. 7 closing share price of $10.09. Of the shares, 1,125,000 were part of the fully exercised greenshoe.
Citigroup and Leerink Partners LLC were the bookrunners.
Proceeds will be used to support clinical programs, including manufacturing of clinical trial materials, and to fund additional research and development for earlier stage programs.
The biopharmaceutical company is based in Fremont, Calif.
| Issuer: | Ardelyx, Inc.
|
| Issue: | Common stock
|
| Amount: | $86.25 million, including $11.25 million greenshoe of 1,125,000 shares
|
| Shares: | 8,625,000
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunners: | Citigroup and Leerink Partners LLC
|
| Lead manager: | Wedbush PacGrow
|
| Co-managers: | JMP Securities LLC, Cantor Fitzgerald & Co. and Ladenburg Thalmann
|
| Announcement date: | Jan. 6
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 13
|
| Stock symbol: | Nasdaq: ARDX
|
| Stock price: | $10.09 at close Jan. 7
|
| Market capitalization: | $329.53 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
