By Ronda Fears
Nashville, Sept. 16 - Meridian Biosciences Inc. priced a follow-on offering of 1.8 million shares of common stock off the shelf at $17.50 per share, discounted from Thursday's closing level of $17.70, via bookrunner Robert W. Baird & Co.
Gross proceeds were $31.5 million from the follow-on offering.
Simultaneously, The William J. Motto Irrevocable Family Trust, controlled by the company's chief executive, sold 1.5 million shares in a secondary offering, also at $17.50 per share for gross proceeds of $26.25 million.
Net proceeds, estimated by the company at $29.6 million, are earmarked for general corporate purposes, including funding potential future acquisitions.
Cincinnati-based Meridian Biosciences makes and markets diagnostic test kits, purified reagents and related products, primarily for certain respiratory, gastrointestinal, viral and parasitic infectious diseases.
| Issuer: | Meridian Biosciences Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $31.5 million
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| Net proceeds: | $29.6 million
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| Shares: | 1.8 million
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| Price: | $17.50 per share
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| Bookrunner: | Robert W. Baird & Co.
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 21
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| Ticker: | VIVO
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| Stock price: | $17.70 at close Sept. 15
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