ViroPharma greenshoe fully exercised, upping stock offer to $173.4 million

By Jennifer Chiou

New York, Dec. 9 - ViroPharma Inc. announced its 1.35 million-share greenshoe was exercised in full, raising its stock offering to 10.35 million shares for gross proceeds of $173.3625 million.

ViroPharma said it intends to use the $163.8 million in net proceeds for working capital and general corporate purposes.

The company may also use a portion of the proceeds to repay or prepay all or some of its 6% subordinated convertible notes due March 2007 and for business development purposes.

On Dec. 9, the company sold $150.75 million of shares at $16.75 per share. ViroPharma priced 9 million shares, up from 7 million, in a follow-on stock offering on Dec. 7 with a greenshoe that was upsized to 1.35 million from 1.05 million.

Goldman, Sachs & Co. was book-running manager for the offering. Piper Jaffray & Co. was joint lead manager and Lazard Capital Markets LLC and SG Cowen & Co., LLC were co-managers.

Exton, Pa.-based ViroPharma develops and markets drugs focused on viral diseases, including cytomegalovirus and hepatitis C.

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