Deal funds research and development activities and corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 9 - Array BioPharma Inc. said it priced a $65.7 million public offering of stock with a $9.86 million greenshoe. The offering was announced Thursday.
The company will sell 18 million common shares at $3.65 per share. The price per share reflects a 10.1% discount to the Nov. 8 closing share price of $4.06.
Settlement is expected Nov. 15.
Jefferies & Co., Inc. and J.P. Morgan Securities LLC are the joint bookrunning managers.
Proceeds will be used for research and development activities and general corporate purposes.
Array BioPharma is a biopharmaceutical company based in Boulder, Colo., that develops and commercializes small-molecule drugs with a focus on cancer and inflammatory diseases.
| Issuer: | Array BioPharma Inc.
|
| Issue: | Common stock
|
| Amount: | $65.7 million
|
| Greenshoe: | $9,855,000
|
| Shares: | 18 million
|
| Price: | $3.65
|
| Warrants: | No
|
| Bookrunners: | Jefferies & Co., Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Piper Jaffray & Co., Stifel Nicolaus Weisel and William Blair
|
| Announcement date: | Nov. 8
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 15
|
| Stock symbol: | Nasdaq: ARRY
|
| Stock price: | $4.06 at close Nov. 8
|
| Market capitalization: | $333.9 million
|
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