Halozyme Therapeutics, Inc. (NASDAQ: HALO) has priced its secondary offering after having just filed for the offering the day before. The company is selling 6.8 million shares of common stock at a price of $10.61 per share after closing at $11.11 on Thursday.
Halozyme noted in the ‘use of proceeds’ that it plans to use the new capital “to build commercial inventory for anticipated product launches, fund research and development of proprietary programs, and for general corporate purposes.”
Barclays Capital is the sole book-running manager for this secondary stock offering, The company is granting and over allotment option for thirty days for the firm to purchase up to an additional 1,020,000 shares of common stock.
This is a secondary close to the high rather than close to the low. The 52-week trading range is $5.54 to $11.62 and the company’s market capitalization rate as of Thursday’s close was $1.15 billion. The average daily volume here is roughly 672,000 shares per day.
The gross proceeds before considering any overallotment shares from the option comes to roughly $72 million before underwriting fees, commissions, and discounts.
Shares are down about 5.5% at $10.50 in the pre-market trading session and only 34,000 shares have traded hands with more than 30 minutes until the market opens.
Sponsored: Want to Retire Early? Start Here
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
