Sagent offers 4 million shares of stock
SCHAUMBURG -- Injection drugmaker Sagent Pharmaceuticals announced it will hold a public offering of almost 4.4 million shares of common stock.
The company will offer 3,384,097 shares and current shareholders will be offer an additional 1,057,530 shares of common stock. In addition, selling shareholders, collectively, intend to grant underwriters a 30-day option to purchase up to an additional 666,244 shares of common stock, all at the public offering price less the underwriter discount.
The company said it intends to use the proceeds for general corporate purposes, which includes funding working capital, operating expenses, the continued development of its products and portfolio, maintenance and expansion of its current collaboration arrangements, the strengthening of its existing commercial organization, funding the final payments for the remaining 50 percent 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. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders, including the shares to be sold by the selling stockholders if the underwriters exercise their over-allotment option.
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.
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