Acorda Therapeutics greenshoe exercised, raising IPO to $36.5 million

By Lisa Kerner

Erie, Pa., March 13 - Acorda Therapeutics said the underwriters of its initial public offering have exercised a portion of their over-allotment option to purchase an additional 575,614 shares of common stock at the public offering price of $6 per share.

The exercise of the over-allotment option increases the size of the IPO to 6,075,614 common shares.

Acorda initially sold 5.5 million shares at $6 each on Feb. 9 to raise $33 million. With the partial exercise of the greenshoe, the total issue amount is now $36.45 million.

Banc of America Securities LLC was bookrunner, and Lazard Capital Markets, Piper Jaffray and SG Cowen & Co. were co-managers.

Located in Hawthorne, N.Y., Acorda is developing therapies for spinal cord injury, multiple sclerosis and related nervous system disorders.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.