Bookrunners Stifel and Guggenheim Securities to assist with financing
By Devika Patel
Knoxville, Tenn., July 28 – Egalet Corp. said it priced a $75 million public offering of stock with an $11.25 million greenshoe. The offering was announced Monday.
The company will sell 6,666,667 common shares at $11.25 per share. The price per share reflects a 2.34% discount to the July 27 closing share price of $11.52.
Stifel, Nicolaus & Co. Inc. and Guggenheim Securities LLC are the bookrunners.
Settlement is expected July 31.
Proceeds will be used for research and development, commercial sales and marketing efforts and general corporate purposes, including potential business development opportunities.
Wayne, Pa.-based Egalet is a specialty pharmaceutical company focused on developing pain treatments.
| Issuer: | Egalet Corp.
|
| Issue: | Common stock
|
| Amount: | $75 million
|
| Greenshoe: | $11.25 million, or 1 million shares
|
| Shares: | 6,666,667
|
| Price: | $11.25
|
| Warrants: | No
|
| Bookrunners: | Stifel, Nicolaus & Co. Inc. and Guggenheim Securities, LLC
|
| Announcement date: | July 27
|
| Pricing date: | July 28
|
| Settlement date: | July 31
|
| Stock symbol: | Nasdaq: EGLT
|
| Stock price: | $11.52 at close July 27
|
| Market capitalization: | $200.26 million
|
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