KYTHERA to Float New Stock Issue
KYTHERA Biopharmaceuticals is tapping the markets for a new dose of capital. The company announced it is floating a 2,622,950-share issue of its common stock at $45.75 per share in an underwritten public offering. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 393,442 shares.
KYTHERA said it plans to use "substantially all" of the estimated $112.2 million net proceeds of the issue for development. The remainder is to be utilized for working capital and "general corporate purposes."
JPMorgan Chase's J.P. Morgan Securities and Bank of America unit Merrill Lynch are the joint book-running managers of the issue, which is expected to close on or about October 15.
At the moment, KYTHERA has nearly 18.8 million shares outstanding, and its stock trades at $45.79 per share.
The article KYTHERA to Float New Stock Issue originally appeared on Fool.com.
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