Company inks stock purchase agreement with Glaxo Group, investor
By Susanna Moon
Chicago, March 14 – Theravance Biopharma, Inc. will issue unregistered common shares in a private placement for proceeds of about $23 million, according to an 8-K filing with the Securities and Exchange Commission. The company and Glaxo Group Ltd. entered into the stock purchase agreement on Monday.
The company will sell 1,301,015 shares at a purchase price of $17.70 per share, which was the closing price of the company’s stock on Friday.
The purchase agreement is substantially the same as the one between the companies dated Oct. 7, the filing noted.
As of Dec. 31, Glaxo owned about 22% of the company’s outstanding shares.
The company and Glaxo entered into several agreements in connection with the spinoff of the company from Innoviva, Inc., called Theravance, Inc. before Jan. 7.
The biopharmaceutical company is based in George Town, Cayman Islands.
| Issuer: | Theravance Biopharma Inc
|
| Issue: | Common stock
|
| Amount: | $23 million
|
| Shares: | 1,301,015
|
| Price: | $17.70
|
| Warrants: | No
|
| Investor: | Glaxo Group Ltd.
|
| Settlement date: | March 17
|
| Stock symbol: | Nasdaq: TBPH
|
| Stock price: | $17.70 at close March 11
|
| Market capitalization: | $682.27 million
|
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