Offering proceeds slated for commercial launch of Duexis in the U.S.
By Devika Patel
Knoxville, Tenn., Feb. 29 - Horizon Pharma, Inc. said it negotiated a $50.82 million private placement of units at $3.62125 per unit.
The company will sell 14,033,829 units of one common share and one quarter-share warrant. Each whole warrant is exercisable at $4.308. The strike price is a 20% premium to the Feb. 28 closing share price of $3.59.
Settlement is expected on March 2.
JMP Securities LLC, Cowen and Co., LLC and Stifel Nicolaus Weisel are the joint lead agents.
Proceeds will fund the company's operations into the second half of 2013 and be used for the ongoing commercial launch of Duexis in the United States, to pursue regulatory approval for Lodotra in the States and Duexis in Europe and for working capital and other general corporate purposes.
Horizon is a Northrook, Ill., biopharmaceutical company.
| Issuer: | Horizon Pharma, Inc.
|
| Issue: | Units of one common share and a quarter-share warrant
|
| Amount: | $50.82 million
|
| Units: | 14,033,829
|
| Price: | $3.62125
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant strike price: | $4.308
|
| Agent: | JMP Securities LLC, Cowen and Co., LLC and Stifel Nicolaus Weisel (joint leads)
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 2
|
| Stock symbol: | Nasdaq: HZNP
|
| Stock price: | $3.59 at close Feb. 28
|
| Market capitalization: | $68.35 million
|
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