Stifel, JMP, Canaccord Genuity and Janney Montgomery Scott will assist
By Devika Patel
Knoxville, Tenn., Feb. 7 - Egalet Corp. priced its $50.4 million initial public offering of stock with a $7.56 million greenshoe, according to a prospectus filed Friday with the Securities and Exchange Commission. The deal was announced Oct. 16.
The company will sell 4.2 million common shares at $12.00 apiece.
Stifel and JMP Securities are the joint bookrunning managers.
Existing stockholders have agreed to purchase 833,333 shares.
Settlement is expected Feb. 11.
Proceeds will be used for bioequivalence trials and abuse deterrence studies for Egalet-001, for Phase 3 efficacy and safety trials and alcohol interaction and abuse deterrence studies for Egalet-002, to establish commercial manufacturing capability for Egalet-001 and Egalet-002, for research and development operations and for working capital and general corporate purposes.
In addition, Shionogi Ltd. has agreed to buy 1.25 million shares in a $15 million private placement.
The pharmaceutical company is based in Wayne, Pa. It intends to list its common stock on the Nasdaq under the symbol "EGLT."
| Issuer: | Egalet Corp.
|
| Issue: | Common stock
|
| Amount: | $50.4 million
|
| Greenshoe: | $7.56 million
|
| Shares: | 4.2 million
|
| Price: | $12.00
|
| Warrants: | No
|
| Bookrunners: | Stifel and JMP Securities
|
| Co-managers: | Canaccord Genuity and Janney Montgomery Scott
|
| Announcement date: | Oct. 16
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 11
|
| Stock exchange: | Nasdaq: EGLT
|
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