Cowen, JMP Securities and Stifel Nicolaus Weisel will assist company
By Devika Patel
Knoxville, Tenn., Sept. 20 - Horizon Pharma, Inc. said it priced a $74.99 million public offering of units. The deal was announced Wednesday and has an $11.25 million greenshoe.
The company will sell 21,425,000 units of one common share and a half-share warrant at $3.50 per unit. The whole warrants are exercisable at $4.57 for five years. The strike price is a 0.22% discount to the Sept. 19 closing share price of $4.58.
Settlement is expected Sept. 25.
Cowen and Co. LLC, JMP Securities LLC and Stifel Nicolaus Weisel are the joint bookrunners.
Proceeds will be used for commercialization activities and other general corporate purposes, including research and development, general and administrative expenses, manufacturing and potential acquisitions.
Horizon is a Northbrook, Ill., biopharmaceutical company.
| Issuer: | Horizon Pharma, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $74,987,500
|
| Greenshoe: | $11,248,125
|
| Units: | 21,425,000
|
| Price: | $3.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.57
|
| Bookrunners: | Cowen and Co. LLC, JMP Securities LLC and Stifel Nicolaus Weisel
|
| Announcement date: | Sept. 19
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 25
|
| Stock symbol: | Nasdaq: HZNP
|
| Stock price: | $4.58 at close Sept. 19
|
| Market capitalization: | $116.53 million
|
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