Stifel and BMO Capital were bookrunners; JMP, Wedbush PacGrow assisted
By Devika Patel
Knoxville, Tenn., Oct. 27 – Vitae Pharmaceuticals, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal’s $8.25 million greenshoe, lifting total proceeds to $63.75 million. The deal was announced Aug. 12 and priced for $55 million with the greenshoe on Sept. 24.
The company sold 7,906,250 common shares at $8.00 apiece. Of the shares, 1,031,250 were part of the fully exercised greenshoe.
Stifel and BMO Capital Markets were the joint bookrunning managers.
Proceeds will be used for clinical trials, drug discovery, debt maintenance, working capital and other general corporate purposes.
The clinical-stage biotechnology company is based in Fort Washington, Pa. The company intends to list its common stock on the Nasdaq under the symbol “VTAE.”
| Issuer: | Vitae Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $63.75 million, including $8.25 million greenshoe
|
| Shares: | 7,906,250
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunners: | Stifel and BMO Capital Markets
|
| Co-managers: | JMP Securities and Wedbush PacGrow Life Sciences
|
| Announcement date: | Aug. 12
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 27
|
| Stock exchange: | Nasdaq: VTAE
|
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