Leerink Partners, BMO Capital and Guggenheim are the joint bookrunners
By Devika Patel
Knoxville, Tenn., April 3 - Kindred Biosciences, Inc. said it priced a $54 million public offering of stock with an $8.1 million greenshoe. The deal was announced March 31 as a $50 million offering and then upsized.
The company will sell 3 million common shares at $18.00 apiece. The price per share is a 9.82% discount to the April 2 closing share price of $19.96.
Leerink Partners LLC is the lead bookrunner and BMO Capital Markets Corp. and Guggenheim Securities, LLC are the joint bookrunning managers.
Proceeds will be used for acquisitions of additional product candidates or other assets or businesses, research and development of product candidates and general corporate and working capital purposes.
The biopharmaceutical company is based in San Francisco.
| Issuer: | Kindred Biosciences, Inc.
|
| Issue: | Common shares
|
| Amount: | $54 million
|
| Greenshoe: | $8.1 million
|
| Shares: | 3 million
|
| Price: | $18.00
|
| Warrants: | No
|
| Bookrunners: | Leerink Partners LLC (lead), BMO Capital Markets Corp. and Guggenheim Securities, LLC
|
| Announcement date: | March 31
|
| Pricing date: | April 3
|
| Stock symbol: | Nasdaq: KIN
|
| Stock price: | $19.96 at close April 2
|
| Market capitalization: | $295.57 million
|
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