Deal offers 19 million shares at $4.43 each, with seven-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 12 - Acadia Pharmaceuticals Inc. arranged an $84.17 million private placement of stock on Dec. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 19 million common shares at $4.43 per share, which is identical to the Dec. 11 closing share price.
Investors also will receive 500,000 warrants at $4.42 per warrant, which are exercisable at $0.01 for seven years.
Jefferies & Co., Inc. and Cowen and Co., LLC are the joint lead placement agents; JMP Securities LLC is the co-placement agent.
Settlement is expected Dec. 17.
Proceeds will be used primarily to support completion of Acadia's Phase III pimavanserin program, including its planned confirmatory Phase III pivotal trial in Parkinson's disease psychosis.
San Diego-based Acadia is a biopharmaceutical company that develops treatments for central nervous system disorders.
| Issuer: | Acadia Pharmaceuticals Inc.
|
| Issue: | Common stock
|
| Amount: | $84.17 million
|
| Shares: | 19 million
|
| Price: | $4.43
|
| Warrants: | 500,000
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.01
|
| Warrant purchase price: | $4.42
|
| Agents: | Jefferies & Co., Inc. and Cowen and Co., LLC (joint lead), JMP Securities LLC (co-placement agent)
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 17
|
| Stock symbol: | Nasdaq: ACAD
|
| Stock price: | $4.43 at close Dec. 11
|
| Market capitalization: | $279.71 million
|
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