Bookrunners Stifel and Guggenheim Securities assisted with financing
By Devika Patel
Knoxville, Tenn., July 31 – Egalet Corp. 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 Monday and priced for $75 million with the greenshoe on Tuesday.
The company sold 7,666,667 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. Of the shares, 1 million were part of the fully exercised greenshoe.
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: | $86.25 million, including $11.25 million greenshoe of 1 million shares
|
| Shares: | 7,666,667
|
| 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: | $202.69 million
|
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