By Sheri Kasprzak
New York, Aug. 16 - Nektar Therapeutics Inc. said it has arranged for the sale of $24 million in shares as part of a direct placement.
The company will sell 1,436,266 shares at $16.71 each to Mansfield Enterprises, Inc. Mansfield has the option to buy additional shares before Sept. 16 at a price equal to the greater of a 10% discount to the volume weighted average price the trading day before the exercise date or $17.59.
The offering is slated to close Aug. 19
The shares are being sold under Nektar's shelf registration.
Reedland Capital Partners was the placement agent.
The proceeds will be used to fund the company's acquisition of Aerogen, Inc.
Based in San Carlos, Calif., Nektar develops drug-delivery technologies used by biotechnology and pharmaceutical companies.
| Issuer: | Nektar Therapeutics Inc.
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| Issue: | Stock
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| Amount: | $24 million
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| Shares: | 1,436,266
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| Price: | $16.71
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| Investor: | Mansfield Enterprises, Inc.
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| Placement agent: | Reedland Capital Partners
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 19
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| Stock price: | $17.62 at close Aug. 15
|
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