Bookrunners Citigroup and Leerink Swann assist company with offering
By Devika Patel
Knoxville, Tenn., April 16 - ArQule, Inc. said it completed a $60.02 million public sale of stock. The offering was announced April 10 and priced for $52.2 million with a $7.83 million greenshoe on April 12.
The company sold 8,222,500 common shares at $7.30 apiece. The price per share is a 7.24% discount to the April 11 closing share price of $7.87. Of the shares, 1,072,500 were part of the fully exercised greenshoe.
Citigroup and Leerink Swann were the joint bookrunning managers. Lazard Capital Markets, RBC Capital Markets and Oppenheimer & Co. were co-managers.
Proceeds will be used for research and development efforts, including clinical trials for proprietary candidates, and general corporate purposes, including working capital. Proceeds may also be used for acquisitions of complementary businesses, technologies, drugs, drug candidates or other intellectual property.
ArQule is a Woburn, Mass., biotechnology company.
| Issuer: | ArQule, Inc.
|
| Issue: | Common shares
|
| Amount: | $60,024,250 (including $7,829,250 greenshoe)
|
| Shares: | 8,222,500
|
| Price: | $7.30
|
| Warrants: | No
|
| Bookrunners: | Citigroup and Leerink Swann
|
| Announcement date: | April 10
|
| Pricing date: | April 12
|
| Settlement date: | April 16
|
| Stock symbol: | Nasdaq: PCRX
|
| Stock price: | $7.87 at close April 11
|
| Market capitalization: | $247.75 million
|
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