Horizon Pharma (HZNP) Prices 21.43M Unit Offering
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Horizon Pharma, Inc. (Nasdaq: HZNP) announced today the pricing of an underwritten public offering of 21,425,000 units, with each unit consisting of one share of its common stock and a warrant to purchase 0.5 of a share of its common stock. The shares of common stock and warrants are being offered at a combined price to the public of $3.50 per unit. The gross proceeds to Horizon from this offering are expected to be approximately $75 million, before deducting underwriting discounts and other offering expenses payable by Horizon. The warrants will be exercisable at $4.57 per share and will expire five years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. Horizon has granted the underwriters a 30-day option to purchase up to an aggregate of 3,213,750 additional shares of common stock and warrants to purchase 1,606,875 shares of common stock to cover overallotments, if any. All of the units in the offering are being sold by Horizon. The offering is expected to close on or about September 25, 2012, subject to customary closing conditions. Horizon expects to use the net proceeds from the offering primarily to fund ongoing commercialization activities for DUEXIS and RAYOS, as well as for general corporate purposes.
Cowen and Company, LLC, JMP Securities LLC and Stifel Nicolaus Weisel are acting as joint book-running managers for the offering.
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Cowen and Company, LLC, JMP Securities LLC and Stifel Nicolaus Weisel are acting as joint book-running managers for the offering.
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Stifel Nicolaus, JMP Securities, Cowen & Co
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