Adams secondary offering of 5.66 million shares launched via Merrill, Morgan; sellers include EGI, Soros

By Ronda Fears

Nashville, Nov. 30 - A secondary offering of 5.66 million shares of Adams Respiratory Therapeutics, Inc. was launched after Wednesday's close via joint lead managers Merrill Lynch and Morgan Stanley.

Deutsche Bank Securities and RBC Capital Markets are co-managers.

The two biggest selling stockholders are Chicago-based EGI-Fund Investors, LLC, which is selling roughly 1.7 million shares to reduce its stake to 16.87% from 38%, and the New York-based Perseus-Soros BioPharmaceutical Fund, LP, which also is selling 1.7 million shares to reduce its stake to 9.93% from 15.29%.

Other sellers include: Tullis-Dickerson, Marquette Venture Partners, John Adams Jr., Mark Gainor, Salem Capital Partners LLC, T. Jefferson Coolidge, Fawn Capital Partners, LLC, another 24 stockholders and 34 employees.

The offering was announced Nov. 23. The sale comes about four months following the initial public offering for the Chester, N.J.-based maker of over-the-counter therapies for respiratory ailments, such as Mucinex. The stock priced at $17.00 in the July IPO and hit a new high of $49.73 on Nov. 22 just before the secondary was announced.

Adams Respiratory shares on Wednesday slipped 28 cents, or 0.63%, to $44.29.

The company will not receive any proceeds from the sale. The company has about 33.2 million shares outstanding.

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