Greenshoe exercised for $10.5 million; deal finances drug development
By Devika Patel
Knoxville, Tenn., Feb. 29 - YM BioSciences Inc. said it settled an $80.5 million public sale of stock. The deal priced for $70 million with a $10.5 million greenshoe on Feb. 24.
The company sold 40.25 million common shares at $2.00 apiece. Of the shares, 5.25 million were part of the fully exercised greenshoe. The price per share is a 2.44% discount to the Feb. 23 closing share price of $2.05.
Bank of America Merrill Lynch was the bookrunner, and Wells Fargo Securities, LLC was the lead manager. JMP Securities LLC, Collin Stewart LLC, Rodman & Renshaw, LLC and Roth Capital Partners, LLC were the co-managers.
Proceeds will be used for drug development activities, general corporate purposes and working capital.
The company is based in Mississauga, Ont., and develops treatments for cancer.
| Issuer: | YM BioSciences Inc.
|
| Issue: | Common shares
|
| Amount: | $80.5 million (including $10.5 million greenshoe)
|
| Shares: | 40.25 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 29
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| Stock symbol: | Amex: YMI
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| Stock price: | $2.05 at close Feb. 23
|
| Market capitalization: | $236.92 million
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