Sale of common stock to be conducted by bookrunning manager Jefferies
By Devika Patel
Knoxville, Tenn., July 23 – La Jolla Pharmaceutical Co. said it priced a $50.4 million public offering of stock with a $7.56 million greenshoe. The deal was announced on Tuesday.
The company will sell 4.8 million common shares at $10.50 per share. The price per share is a 4.11% discount to the July 22 closing share price of $10.95.
Jefferies LLC is the bookrunning manager.
Settlement is expected on July 16.
Proceeds will be used for general corporate purposes, clinical trials, general and administrative expenses, potential acquisitions and other strategic purposes.
La Jolla Pharmaceutical is a San Diego-based biotechnology company.
| Issuer: | La Jolla Pharmaceutical Co.
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| Issue: | Common stock
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| Amount: | $50.4 million
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| Greenshoe: | $7.56 million
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| Shares: | 4.8 million
|
| Price: | $10.50
|
| Warrants: | No
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| Bookrunner: | Jefferies LLC
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| Co-managers: | Chardan Capital Markets, LLC, H.C. Wainwright & Co., LLC, LifeSci Capital, LLC and Noble Financial Group, Inc.
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| Announcement date: | July 22
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| Pricing date: | July 23
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| Settlement date: | July 28
|
| Stock symbol: | Nasdaq: LJPC
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| Stock price: | $10.95 at close July 22
|
| Market capitalization: | $88.66 million
|
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