Proceeds to fund drug development and for general corporate purposes
By Susanna Moon
Chicago, Feb. 24 - YM BioSciences Inc. priced 35 million common shares at $2.00 each in a public offering for total proceeds of $70 million. Underwriters have a 30-day over-allotment option for 5.25 million more shares.
The offering priced at a 2.44% discount to the company's Feb. 23 closing price of $2.05.
Bank of America Merrill Lynch is the bookrunner, and Wells Fargo Securities, LLC is the lead manager, according to an FWP filing with the Securities and Exchange Commission. JMP Securities LLC, Collin Stewart LLC, Rodman & Renshaw, LLC and Roth Capital Partners, LLC are the co-managers.
Settlement is slated for Feb. 29.
Proceeds will be used to fund drug development and for general corporate purposes and working capital.
The company is based in Mississauga, Ont., and develops treatments for cancer.
| Issuer: | YM BioSciences Inc.
|
| Issue: | Common stock
|
| Amount: | $70 million
|
| Greenshoe: | $10.5 million
|
| Shares: | 35 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Underwriters: | Bank of America Merrill Lynch (bookrunner); Wells Fargo Securities, LLC (lead manager); JMP Securities LLC, Collin Stewart LLC, Rodman & Renshaw, LLC and Roth Capital Partners, LLC (co-managers)
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 29
|
| Stock symbol: | NYSE Amex: YMI
|
| Stock price: | $2.05 at close Feb. 23
|
| Market capitalization: | $235.76 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
