Offering conducted by bookrunning managers Piper Jaffray, BMO Capital
By Devika Patel
Knoxville, Tenn., March 24 – Vitae Pharmaceuticals, Inc. said it priced a $35 million public offering of stock with a $5.25 million greenshoe. The deal was announced on Wednesday.
The company will sell 5,833,333 common shares at $6.00 per share. The price per share is a 10.85% discount to the March 23 closing share price of $6.73.
Piper Jaffray & Co. and BMO Capital Markets Corp. are the bookrunners.
Settlement is expected on March 30.
Proceeds will be used for clinical development, clinical trials, working capital and other general corporate purposes.
The clinical-stage biotechnology company is based in Fort Washington, Pa.
| Issuer: | Vitae Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $35 million
|
| Greenshoe: | $5.25 million, or 875,000 shares
|
| Shares: | 5,833,333
|
| Price: | $6.00
|
| Warrants: | No
|
| Bookrunners: | Piper Jaffray & Co. and BMO Capital Markets Corp.
|
| Co-manager: | Wedbush PacGrow
|
| Announcement date: | March 23
|
| Pricing date: | March 24
|
| Settlement date: | March 30
|
| Stock symbol: | Nasdaq: VTAE
|
| Stock price: | $6.73 at close March 23
|
| Market capitalization: | $132.7 million
|
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