BMO Capital Markets, Wells Fargo Securities to assist as bookrunners
By Devika Patel
Knoxville, Tenn., Feb. 18 - Flexion Therapeutics Inc. said the underwriters for its initial public offering of stock opted to exercise the deal's $9.75 million greenshoe in full, lifting total proceeds to $74.75 million. The deal was announced Jan. 8 and priced for $65 million with the greenshoe on Feb. 11.
The company sold 5.75 million common shares at $13.00 apiece. Of the shares, 750,000 were part of the fully exercised greenshoe.
BMO Capital Markets and Wells Fargo Securities, LLC were the joint bookrunning managers.
Proceeds will be used for clinical development, clinical trials, working capital and other general corporate purposes.
The Burlington, Mass., specialty pharmaceutical company develops injectable pain therapies. It intends to list its common stock on the Nasdaq under the symbol "FLXN."
| Issuer: | Flexion Therapeutics Inc.
|
| Issue: | Common stock
|
| Amount: | $74.75 million, including $9.75 million greenshoe
|
| Shares: | 5.75 million
|
| Price: | $13.00
|
| Warrants: | No
|
| Bookrunners: | BMO Capital Markets and Wells Fargo Securities, LLC
|
| Co-managers: | Needham & Co. and Janney Montgomery Scott LLC
|
| Announcement date: | Jan. 8
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 18
|
| Stock symbol: | Nasdaq: FLXN
|
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