Adams Respiratory Therapeutics greenshoe exercised in full, lifting IPO to $106.6 million

By Jennifer Chiou

New York, July 25 - Adams Respiratory Therapeutics, Inc. said its 1,192,500-share greenshoe was fully exercised at $17.00 per share, bringing its initial public offering net proceeds to $106.6 million.

The company sold a total of 9,142,500 shares, of which 6,889,500 were newly issued.

Proceeds will go towards continuing to build the Mucinex brand, fund product development and for potential acquisitions and product in-licensing.

Merrill Lynch & Co. and Morgan Stanley are the joint bookrunning managers. Deutsche Bank Securities and RBC Capital Markets are co-managers.

The company originally sold 7.95 million shares, up from 7.1 million, at $17.00 each, which was above the $14.00 to $16.00 price range. The offering was priced July 20.

The specialty pharmaceutical company focused on the late-stage development, commercialization and marketing of over-the-counter and prescription pharmaceuticals for the treatment of respiratory disorders is based in Chester, N.J.

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