By Ronda Fears
Memphis, Feb. 2 - Valera Pharmaceuticals, Inc. priced an initial public offering of 3.75 million shares at $9 each - below the price range of $10 to $12 - for total proceeds of $33.75 million.
UBS Investment Bank and Banc of America Securities LLC were joint lead managers for the offering, according to a company news release.
Proceeds will be used to fund expansion of the company's sales and marketing force, for research and development, to expand manufacturing facilities and for general corporate purposes.
Valera is a pharmaceutical company based in Cranbury, N.J., that develops products for the treatment of urological and endocrine conditions.
Issuer: | Valera Pharmaceuticals, Inc.
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Issue: | Initial public offering
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Proceeds: | $33.75 million
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Shares: | 3.75 million shares
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Greenshoe: | 562,500
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Price: | $9 per share
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Price range: | $10 to $12
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Bookrunner: | UBS Investment Bank
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Joint lead manager: | Banc of America Securities LLC
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Co-managers: | First Albany Capital and Fortis Securities
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Pricing date: | Feb. 1
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Settlement date: | Feb. 7
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Stock symbol: | Nasdaq: VLRX
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