By Ronda Fears
Memphis, Nov. 15 - Emergent BioSolutions, Inc. raised $62.5 million from its initial public offering of 5 million shares at $12.50 each, below guidance of $14 to $16 per share, via bookrunner J.P. Morgan Securities Inc. and joint lead manager Cowen & Co. LLC.
Each share will include one series A junior participating preferred stock purchase right.
In the greenshoe of 750,000 shares, 480,000 shares are pledged by existing stockholders Intervac, LLC, Michigan Biologic Products, Inc., Biologika, LLC and ARPI, LLC.
Gaithersburg, Md.-based Emergent BioSolutions develops immunobiotics for use against biological agents that are potential weapons of bioterrorism and infectious diseases. Its lead product is BioThrax, an anthrax vaccine.
Emergent plans to use proceeds to fund development of product candidates, a new manufacturing facility in Lansing, Mich., and initial engineering design and utility build out of its manufacturing facilities in Frederick, Md.
| Issuer: | Emergent BioSolutions, Inc.
|
| Issue: | Initial public offering
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| Gross proceeds: | $62.5 million
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| Shares: | 5 million
|
| Greenshoe: | 750,000 shares
|
| Price: | $12.50 per share
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| Price talk: | $14 to $16 per share
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| Joint lead managers: | J.P. Morgan Securities Inc. (books) and Cowen & Co. LLC
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| Co-manager: | HSBC Securities (USA) Inc.
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| Pricing date: | Nov. 14
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| Settlement date: | Nov. 20
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| Stock symbol: | NYSE: EBS
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