Nashville, July 21 - Adams Respiratory Therapeutics Inc. priced its initial public offering, selling the 7.95 million shares at $17 each - above the price range of $14 to $16 - via joint bookrunners Merrill Lynch and Morgan Stanley. The IPO was bumped up from 7.1 million shares as well.
The company sold 5.7 million shares and previous stockholders sold 2.25 million shares, for total gross proceeds of $135.2 million. The number of shares was boosted by the company from 5.33 million and selling stockholders from 1.75 million.
The Chester, N.J.-based company plans to use proceeds to build its Mucinex brand, fund the development of two additional over-the-counter products and one new prescription product, and to develop its recently in-licensed product candidate erdosteine that is expected to require clinical trials prior to Food and Drug Administration approval, and for potential acquisitions.
Offering terms are:
| Issuer: | Adams Respiratory Therapeutics Inc.
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| Issue: | 7.95 million shares, upped from 7.1 million
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| Bookrunners: | Merrill Lynch and Morgan Stanley
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| Co-managers: | Deutsche Bank Securities and RBC Capital Markets
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| Gross proceeds: | $135.15 million
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| Greenshoe: | 1,192,500 shares
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| Price: | $17 per share
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| Price range: | $14 to $16
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| Pricing date: | July 20
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| Settlement date: | July 26
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| Ticker: | ARXT
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