Deal offers stock through bookrunners Citigroup, Credit Suisse, Cowen
By Devika Patel
Knoxville, Tenn., Jan. 22 – Versartis, Inc. said it priced its $75 million public offering of stock with an $11.25 million greenshoe. The offering was announced Tuesday.
The company will sell 4,347,826 common shares at $17.25 per share. The price per share reflects a 0.23% discount to the Jan. 21 closing share price of $17.29.
Citigroup, Credit Suisse and Cowen and Co. are the bookrunning managers. Certain affiliated stockholders have agreed to invest about $7.3 million in the offering.
Settlement is expected Jan. 27.
Proceeds will be used for clinical development, working capital, capital expenditures and other general corporate purposes, including acquisitions.
The endocrine-focused biopharmaceutical company is based in Redwood City, Calif.
| Issuer: | Versartis, Inc.
|
| Issue: | Common stock
|
| Amount: | $75 million
|
| Greenshoe: | $11.25 million
|
| Shares: | 4,347,826
|
| Price: | $17.25
|
| Warrants: | No
|
| Bookrunners: | Citigroup, Credit Suisse and Cowen and Co.
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| Co-managers: | Canaccord Genuity and SunTrust Robinson Humphrey Inc.
|
| Announcement date: | Jan. 20
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 27
|
| Stock symbol: | Nasdaq: VSAR
|
| Stock price: | $17.29 at close Jan. 21
|
| Market capitalization: | $409.38 million
|
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