Offering conducted through bookrunners Jeffries, Cowen, Piper Jaffray
By Devika Patel
Knoxville, Tenn., March 3 – Lion Biotechnologies, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $9.6 million greenshoe in full, lifting total proceeds of the deal to $73.6 million. The deal was announced Feb. 16 and priced for $64 million with the greenshoe on Feb. 26.
The company sold 9.2 million common shares at $8.00 per share. The price per share is a 14.07% discount to the Feb. 25 closing share price of $9.31. Of the shares, 1.2 million were part of the fully exercised greenshoe.
Jefferies LLC, Cowen and Co, LLC and Piper Jaffray & Co. were the bookrunners.
Proceeds will be used for product development, clinical trials and general corporate and working capital purposes.
The biotechnology company is based in Woodland Hills, Calif.
| Issuer: | Lion Biotechnologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $73.6 million, including $9.6 million greenshoe
|
| Shares: | 9.2 million
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunners: | Jefferies LLC, Cowen and Co, LLC and Piper Jaffray & Co.
|
| Co-manager: | Roth Capital Partners, LLC
|
| Announcement date: | Feb. 16
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 3
|
| Stock symbol: | OTCBB: LBIO
|
| Stock price: | $9.31 at close Feb. 25
|
| Market capitalization: | $248.47 million
|
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