Jefferies, Piper Jaffray, JMP Securities, Cannacord Genuity assisted
By Devika Patel
Knoxville, Tenn., Nov. 3 – Vanda Pharmaceuticals Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $8.7 million greenshoe in full, lifting total proceeds to $66.7 million. The deal was announced Oct. 28 and priced for $58 million with the greenshoe on Oct. 29.
The company sold 5.75 million common shares at $11.60 per share, which is a 3.57% discount to the company’s $12.03 closing price on Oct. 28. Of the shares, 750,000 were part of the fully exercised greenshoe.
Proceeds will be used for sales and marketing expenditures, research and development and other general corporate purposes.
Vanda is a Rockville, Md.-based pharmaceuticals firm.
| Issuer: | Vanda Pharmaceuticals Inc.
|
| Issue: | Common stock
|
| Amount: | $66.7 million, including $8.7 million greenshoe
|
| Shares: | 5.75 million
|
| Price: | $11.60
|
| Warrants: | No
|
| Bookrunners: | Jefferies LLC and Piper Jaffray & Co.
|
| Co-managers: | JMP Securities LLC and Canaccord Genuity Inc.
|
| Announcement date: | Oct. 28
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 3
|
| Stock symbol: | Nasdaq: VNDA
|
| Stock price: | $12.03 at close Oct. 28
|
| Market capitalization: | $416.3 million
|
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