Published on 4/28/2006 in the Prospect News Biotech Daily.
New Issue: Labopharm raises $88 million in follow-on of upsized 11 million shares at $8 each
By Ronda Fears
Memphis, April 28 - Laval, Quebec.'s Labopharm, Inc. raised $88 million from an upsized follow-on offering of 11 million shares to be listed on the Nasdaq in the United States priced at $8.00 each. Labopharm shares listed on the Toronto Stock Exchange closed Thursday at C$9.02.
Joint lead managing bookrunners of the offering are Merrill Lynch & Co. Inc. and Banc of America Securities LLC. The issue was boosted from plans to issue 10 million shares.
Labopharm plans to use proceeds to support the commercialization of its once-daily painkiller tramadol, to advance development of existing and new product candidates within its product pipeline, and for working capital and other general corporate purposes.
Issuer: | Labopharm, Inc.
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Issue: | Follow-on stock offering
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Gross proceeds: | $88 million
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Net proceeds: | $80.9 million
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Shares: | 11 million shares, up from 10 million
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Greenshoe: | 1.65 million shares, up from 1.5 million
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Price: | $8.00 per share
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Bookrunners: | Merrill Lynch & Co. and Banc of America Securities LLC
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Co-managers: | Canaccord Capital Corp., Leerink Swann & Co., Orion Securities Inc., Dundee Securities Corp. and Westwind Partners Inc.
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Pricing date: | April 27
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Settlement date: | May 3
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Stock symbol: | Nasdaq: DDSS
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Stock price: | Toronto: DDS closed at C$9.02 on April 27
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