MannKind Raises Over $50 Million (MNKD, PFE)
MannKind Corporation (NASDAQ: MNKD) is getting hit after the company announced that it priced a secondary offering of 7,400,000 shares of its common stock. While the press release does not say what price the deal came at, the syndicate group…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
This figure comes to north of $54 million before deducting fees. All shares are being sold by the company itself, so all proceeds from the offering will head into the MannKind coffers. Jefferies is listed as the sole book-running manager, and the co-manager is listed as Rodman & Renshaw. The underwriters a 30-day over-allotment option to purchase up to an additional 960,000 shares.
It was just in June that the company closed upon the purchase of the insulin assets and facility from Pfizer, Inc. (NYSE: PFE). That was listed as only a $3 million transaction.
MannKind shares are down 9.5% at $7.36 as of 9:50 on almost 1.35 million shares. Its 52-week trading range is $2.00 to $9.25.
JON C. OGG
AUGUST 5, 2009
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.