Unilife Corporation Announces Pricing of Common Stock Offering
Unilife Corporation recently announced the pricing of its underwritten registered public offering of 8,250,000 shares of common stock at a public offering price of $4.35 per share. All of the shares in the offering are to be sold by Unilife. In connection with the offering, the company also granted the underwriters a 30-day option to purchase up to an additional 1,237,500 shares of common stock to cover over-allotments, if any.
The net proceeds of the offering to the company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $33,808,125, exclusive of any proceeds attributable to the underwriters’ possible exercise of their over-allotment option. Unilife expects to use the net proceeds from this offering to fund the continued development and commercial supply of its diversified portfolio of advanced drug delivery systems, the expansion of its workforce to support anticipated customer demands, and for working capital and other general corporate purposes. The offering is expected to close on November 21, 2011 and is subject to customary closing conditions.
Jefferies & Company, Inc. is acting as sole book-running manager for the offering. Leerink Swann LLC is acting as co-lead manager for the offering and Griffin Securities, Inc. is acting as co-manager for the offering.
Unilife Corporation is a US-based developer and commercial supplier of a diversified portfolio of advanced drug delivery systems. Unilife collaborates with pharmaceutical and biotechnology companies seeking to optimize drug lifecycles and generate differentiation for their brand in competitive therapeutic markets through the use of innovative devices that can improve patient care, protect healthcare worker, and prevent disease. Unilife has developed a broad portfolio of drug delivery systems in direct response to unmet market needs for macromolecule injectable drugs, including biologics.
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