Sale of common stock was conducted by bookrunning manager Jefferies
By Devika Patel
Knoxville, Tenn., July 25 – La Jolla Pharmaceutical Co. said the underwriters for its public offering of stock opted to exercise $6.25 million of the deal’s $7.56 million greenshoe for total proceeds of $56.65 million. The deal was announced July 22 and priced for $50.4 million with the greenshoe on July 23.
The company sold 5,395,000 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. Of the shares, 595,000 were part of the partially exercised greenshoe.
Jefferies LLC was the bookrunning manager.
Settlement is expected July 28.
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.
|
| Issue: | Common stock
|
| Amount: | $56,647,500 (including $6,247,500 greenshoe)
|
| Shares: | 5,395,000
|
| Price: | $10.50
|
| Warrants: | No
|
| Bookrunner: | Jefferies LLC
|
| Co-managers: | Chardan Capital Markets, LLC, H.C. Wainwright & Co., LLC, LifeSci Capital, LLC and Noble Financial Group, Inc.
|
| Announcement date: | July 22
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Stock symbol: | Nasdaq: LJPC
|
| Stock price: | $10.95 at close July 22
|
| Market capitalization: | $88.58 million
|
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