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Sagent Pharmaceuticals Inc Announces Upsizing And Pricing Of Offering Of 4,600,000 Shares Of Common Stock

Tuesday, 10 Sep 2013 09:31pm EDT 

Sagent Pharmaceuticals Inc announced that it has upsized its previously announced registered offering from 4,441,627 to 4,600,000 shares of its common stock and priced the offering at a public offering price of $21.25 per share. Of these shares, the Company has agreed to sell 3,542,470 shares of common stock and selling stockholders have agreed to sell, collectively, 1,057,530 shares of common stock. In addition, the selling shareholders, collectively, intend to grant the underwriters a 30-day option to purchase up to an additional 690,000 shares of common stock, all at the public offering price less the underwriter discount. The offering is expected to close on September 16, 2013. The Company intends to use the net proceeds for general corporate purposes, which it expects to include funding working capital, operating expenses, the continued development of its product pipeline and portfolio, the maintenance and expansion of its current collaboration arrangements, the strengthening of its existing commercial organization, funding the final payments for the remaining 50% interest in Sagent (China) Pharmaceuticals Co. Ltd. and any costs related to its manufacturing facility, and the selective pursuit of business development opportunities in its focus segment areas. Morgan Stanley, Jefferies and BofA Merrill Lynch are acting as joint book-running managers for the offering, and Piper Jaffray & Co. and Needham & Company, LLC are acting as co-managers. 

Company Quote

0.28 +1.17%
4:00pm EDT