Purdue Pharma will purchase 5,416,565 common shares at $14.50 apiece
By Devika Patel
Knoxville, Tenn., July 19 - Infinity Pharmaceuticals, Inc. arranged a $78.54 million private placement of stock with Purdue Pharma LP on July 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Of the proceeds, $51.04 million will be paid through the conversion and cancellation of a $51.04 million promissory note that was sold to the investor on Nov. 28, 2011, and the remaining $27.5 million will be paid in cash.
The company will sell 5,416,565 common shares at $14.50 per share, a 5.11% discount to the July 16 closing share price of $15.28.
Infinity is a Cambridge, Mass., pharmaceutical company working on cancer treatments.
| Issuer: | Infinity Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $78,540,191
|
| Shares: | 5,416,565
|
| Price: | $14.50
|
| Warrants: | No
|
| Investor: | Purdue Pharma LP
|
| Pricing date: | July 17
|
| Stock symbol: | Nasdaq: INFI
|
| Stock price: | $15.28 at close July 16
|
| Market capitalization: | $423.22 million
|
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