Bookrunner Cowen raises funds for research and development activities
By Devika Patel
Knoxville, Tenn., May 1 - Anacor Pharmaceuticals, Inc. said the underwriters for its public sale of stock opted to exercise the deal's $3 million greenshoe in full for total proceeds of $23 million. The deal was announced April 25 and priced a few hours later, after the close, for $20 million with the $3 million greenshoe.
The company sold 3,599,373 common shares at $6.39 per share. The price per share is a 12.35% discount to the April 24 closing share price of $7.29. Of the shares, 469,483 were part of the fully exercised greenshoe.
Cowen and Co., LLC was the bookrunning manager.
Proceeds will be used for research and development activities, including clinical trials for development programs and preclinical activities for product candidates, to increase the company's working capital and for general corporate purposes.
The pharmaceutical company is based in Palo Alto, Calif.
| Issuer: | Anacor Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $23 million (including $3 million greenshoe)
|
| Shares: | 3,599,373
|
| Price: | $6.39
|
| Warrants: | No
|
| Bookrunner: | Cowen and Co., LLC
|
| Joint lead manager: | Janney Montgomery Scott LLC
|
| Co-managers: | Canaccord Genuity Inc. and Wedbush Securities Inc.
|
| Announcement date: | April 25
|
| Pricing date: | April 25
|
| Settlement date: | May 1
|
| Stock symbol: | Nasdaq: ANAC
|
| Stock price: | $7.29 at close April 24
|
| Market capitalization: | $235.09 million
|
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