By Ronda Fears
Nashville, Nov. 8 - Pharmaxis Ltd. priced a follow-on offering of 1.3 million American Depository Shares at $24.16 per share, discounted from Monday's closing level of $25.60, plus 19.9 million ordinary shares at A$2.20, discounted from Monday's closing level of A$2.30.
CIBC World Markets Corp. was bookrunner for the ADS offering and Wilson HTM was bookrunner of the offering of ordinary shares, which was hiked up from 17.5 million ordinary shares.
Each ADS represents 15 ordinary shares.
Pharmaxis said net proceeds from both offerings, estimated at $58.6 million or A$80.0 million, would be used for the further development of its Aridol and Bronchitol and commercialization of Aridol, preclinical development of its product pipeline and further expansion of manufacturing facilities. Any remaining net proceeds would be used to accelerate commercialization and to investigate additional indications for Bronchitol, for working capital and for general corporate purposes.
The issuer is a Frenchs Forest, New South Wales, Australia, specialist pharmaceutical company.
ADS issue
| Issuer: | Pharmaxis Ltd.
|
| Issue: | Follow-on stock offering
|
| Shares: | 1.3 million American Depository Shares
|
| Greenshoe: | 195,000 ADS
|
| Price: | $24.16 per ADS
|
| Bookrunner: | CIBC World Markets Corp.
|
| Co-manager: | JMP Securities LLC
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 10
|
| Ticker: | PXSL
|
| Stock price: | $25.60 at close Nov. 7
|
|
|
| Ordinary shares
|
| Issuer: | Pharmaxis Ltd.
|
| Issue: | Follow-on stock offering
|
| Shares: | 19.9 million ordinary shares, upped from 17.5 million
|
| Price: | A$2.20 per share
|
| Bookrunner: | Wilson HTM
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 11
|
| Ticker: | PXS
|
| Stock price: | A$2.30 at close Nov. 7
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