Valera greenshoe partially exercised, raising IPO to 3.8625 million shares

New York, Feb. 7 - Valera Pharmaceuticals, Inc. said the underwriters of its recent initial public offering of common stock partially exercised the over-allotment option, increasing the deal to 3.8625 million shares.

Valera originally priced 3.75 million shares on Feb. 1 and added a further 112,500 shares via the greenshoe. The over-allotment option was potentially for 562,500 shares.

The deal was priced at $9.00 per share.

UBS Investment Bank and Banc of America Securities LLC were joint lead managers for the offering, according to a company news release.

Proceeds will be used to fund expansion of the company's sales and marketing force, for research and development, to expand manufacturing facilities and for general corporate purposes.

Valera is a pharmaceutical company based in Cranbury, N.J., that develops products for the treatment of urological and endocrine conditions.

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