Bookrunner JMP helps fund debt repayment, general corporate purposes
By Devika Patel
Knoxville, Tenn., March 7 - Flamel Technologies SA said it priced a $105.3 million public offering of American Depositary Shares with a $15.6 million greenshoe. The deal was announced Thursday.
The company will sell ADSs representing 10.8 million ordinary shares at $9.75 apiece. The price reflects an 8.97% discount to the March 6 closing share price of $10.71.
JMP Securities is the sole bookrunner.
Settlement is expected March 12.
Proceeds will be used for debt repayment, development of the company's product pipeline, including clinical trials, and general corporate purposes.
Flamel is a Venissieux, France-based biopharmaceutical company.
| Issuer: | Flamel Technologies SA
|
| Issue: | American Depositary Shares
|
| Amount: | $105.3 million
|
| Greenshoe: | $15.6 million
|
| Shares: | 10.8 million
|
| Price: | $9.75
|
| Warrants: | No
|
| Bookrunner: | JMP Securities
|
| Co-managers: | SunTrust Robinson Humphrey, Ladenburg Thalmann & Co. Inc., Roth Capital Partners and Summer Street Research Partners
|
| Announcement date: | March 6
|
| Pricing date: | March 7
|
| Settlement date: | March 12
|
| Stock symbol: | Nasdaq: FLML
|
| Stock price: | $10.71 at close March 6
|
| Market capitalization: | $256.43 million
|
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