Offering conducted by BMO, Guggenheim, funds research and development
By Devika Patel
Knoxville, Tenn., Dec. 16 - Kindred Biosciences, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal's $7.88 million greenshoe in full, lifting total proceeds of the deal to $60.38 million. The deal priced for $52.5 million with the greenshoe on Dec. 11.
The company sold 8,625,000 common shares at $7.00 apiece. Of the shares, 1,125,000 were part of the fully exercised greenshoe.
BMO Capital Markets and Guggenheim Securities were the joint bookrunning managers.
Proceeds will be used for research and development of product candidates, to establish commercial infrastructure and for other general corporate and working capital purposes.
The biopharmaceutical company is based in Burlingame, Calif. It expects the shares to trade on the Nasdaq under the symbol "KIN."
| Issuer: | Kindred Biosciences, Inc.
|
| Issue: | Common stock
|
| Amount: | $60,375,000 (including $7,875,000 greenshoe)
|
| Shares: | 8,625,000
|
| Price: | $7.00
|
| Warrants: | No
|
| Bookrunners: | BMO Capital Markets and Guggenheim Securities
|
| Co-manager: | Roth Capital Partners
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Stock exchange: | Nasdaq: KIN
|
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