Proceeds will fund research and development of therapeutic candidates
By Angela McDaniels
Tacoma, Wash., July 16 – RedHill Biopharma Ltd. sold 2,462,000 American Depositary Shares for $16.25 each in a public offering for a total of $40.01 million. Each ADS represents 10 of the company’s ordinary shares.
There is a $6 million greenshoe, according to a company news release.
The offering price is a 4.52% discount to the company’s $17.02 closing ADS price on July 15.
The company announced plans for the offering on July 14.
Nomura and Roth Capital Partners are the joint bookrunning managers. MLV & Co. and H.C. Wainwright & Co. are co-managers.
Proceeds will be used for research and development-related purposes in connection with the company’s therapeutic candidates and for potential acquisitions and general corporate purposes.
The Tel Aviv-based biopharmaceutical company focuses on late-clinical-stage, orally administered small-molecule drugs for inflammatory and gastrointestinal diseases, including cancers.
| Issuer: | RedHill Biopharma Ltd.
|
| Issue: | American Depositary Shares
|
| Amount: | $40,007,500
|
| Greenshoe: | $6,001,125
|
| ADSs: | 2,462,000
|
| Price: | $16.25
|
| Warrants: | No
|
| Bookrunners: | Nomura and Roth Capital Partners
|
| Co-managers: | MLV & Co. and H.C. Wainwright & Co.
|
| Pricing date: | July 16
|
| Settlement date: | July 22
|
| ADS symbol: | Nasdaq: RDHL
|
| ADS price: | $17.02 at close July 15
|
| Market capitalization: | $170.39 million
|
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