Morgan Stanley, JPMorgan, Leerink Swann and Stifel assist with sale
By Devika Patel
Knoxville, Tenn., Feb. 18 - Ophthotech Corp. said it settled its $59.85 million initial public offering of stock. The deal was announced Aug. 15 and priced on Feb. 12.
The company will sell 1.9 million common shares at $31.50 apiece.
Existing stockholders also sold 728,571 shares, and the underwriters opted to exercise a $10.8 million greenshoe of 342,857 shares in connection with that sale for total proceeds of $22.95 million.
Morgan Stanley and JPMorgan were the joint bookrunning managers.
Proceeds will be used for clinical trials and development, working capital and other general corporate purposes.
The biopharmaceutical company is based in New York. It intends to list its common stock on the Nasdaq under the symbol "OPHT."
| Issuer: | Ophthotech Corp.
|
| Issue: | Common stock
|
| Amount: | $59.85 million
|
| Greenshoe: | $10.8 million
|
| Shares: | 1.9 million
|
| Price: | $31.50
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley and JPMorgan
|
| Co-managers: | Leerink Partners and Stifel
|
| Announcement date: | Aug. 15
|
| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 18
|
| Stock symbol: | Nasdaq: OPHT
|
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