By Ronda Fears
Nashville, Oct. 28 - Accentia Biopharmaceuticals Inc. priced its initial public offering of 2.4 million shares at $8.00 - at the low end of a sweetened guidance range of $8.00 to $10.00, which had been reduced from original price talk of $11.00 to $13.00 - via bookrunner Jefferies & Co.
The size of the IPO had been revised twice before, as well, reduced from 5.25 million shares, which was a reduction from initial plans for 6.25 million shares.
The issue generated gross proceeds of $19.2 million and net proceeds of $14.1 million.
Tampa, Fla.-based Accentia plans to use proceeds to repay in full an outstanding loan from McKesson Corp., complete phase III clinical trials for SinuNase, complete a phase III clinical trial for Biovaxid, complete the design and prototype for an automated production and purification system for the manufacture of Biovaxid, fund milestone payments to partners and for general corporate purposes.
| Issuer: | Accentia Biopharmaceuticals Inc.
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| Issue: | Initial public offering
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| Gross proceeds: | $19.2 million
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| Net proceeds: | $14.1 million
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| Shares: | 2.4 million shares
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| Greenshoe: | 360,000 shares
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| Price: | $8.00 per share
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| Price range: | Revised: $8 to $10
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| Original: $11 to $13
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| Bookrunners: | Jefferies & Co.
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| Co-managers: | Ferris Baker Watts, Stifel Nicolaus, GunnAllen Financial
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| Pricing date: | Oct. 27
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| Settlement date: | Nov. 2
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| Ticker: | ABPI
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