Cowen, Piper Jaffray, Canaccord Genuity and Nomura assist with deal
By Devika Patel
Knoxville, Tenn., Feb. 18 – Inotek Pharmaceuticals Corp. said it priced its $40 million initial public offering of stock with a $6 million greenshoe. The deal was announced on Nov. 21 alongside a $9.4 million concurrent $20 million public sale of convertible senior notes with a $3 million greenshoe, which also priced on Tuesday. The stock offering is contingent on the notes settling.
In the stock sale, the company will sell 6,667,000 common shares at $6.00 per share.
Cowen and Co., LLC and Piper Jaffray & Co. are the bookrunning managers.
The 5% convertibles mature on Feb. 15, 2020 and initially convert to stock at a conversion rate of 158.7302 shares per $1,000 of notes, for an initial conversion price of about $6.30 per share.
Proceeds will be used for development of pharmaceutical candidates and other general corporate purposes, including debt repayment.
Beverly, Mass.-based Inotek is a development-stage pharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma. The company expects its shares will trade on the Nasdaq under the symbol “ITEK.”
| Issuer: | Inotek Pharmaceuticals Corp.
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| Issue: | Common stock
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| Amount: | $40 million
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| Greenshoe: | $6 million
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| Shares: | 6,667,000
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| Price: | $6.00
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| Warrants: | No
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| Bookrunners: | Cowen and Co., LLC and Piper Jaffray & Co.
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| Co-managers: | Canaccord Genuity Inc. and Nomura Securities International, Inc.
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| Announcement date: | Nov. 21
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| Pricing date: | Feb. 18
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| Stock exchange: | Nasdaq: ITEK
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