Joint bookrunners Lazard Capital Markets and Cowen assist with sale
By Devika Patel
Knoxville, Tenn., May 1 - GW Pharmaceuticals plc said it priced its $31.15 million initial public offering of American Depositary Shares with a $4.67 million greenshoe. It expects the shares to trade on the Nasdaq under the symbol "GWPH." The deal was announced March 19.
The company will sell 3.5 million American Depositary Shares at $8.90 apiece.
Settlement is expected May 7.
Lazard Capital Markets LLC and Cowen and Co., LLC are the joint bookrunning managers.
Proceeds will be used for new clinical trials of multiple product candidates, to expand the company's Sativex manufacturing capabilities, discover and develop new product candidates, for research and development activities, for working capital and for other general corporate purposes.
GW is based in London and develops cannabis-derived pharmaceutical products for patients with multiple sclerosis, spinal cord injury, rheumatoid arthritis, neuropathic pain, cancer pain and other severe medical conditions.
| Issuer: | GW Pharmaceuticals plc
|
| Issue: | American Depositary Shares
|
| Amount: | $31.15 million
|
| Greenshoe: | $4,672,500
|
| ADS: | 3.5 million
|
| Price: | $8.90
|
| Warrants: | No
|
| Bookrunners: | Lazard Capital Markets LLC and Cowen and Co., LLC
|
| Co-manager: | Canaccord Genuity
|
| Announcement date: | March 19
|
| Pricing date: | May 1
|
| Settlement date: | May 7
|
| Stock exchange: | Nasdaq: GWPH
|
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