Retrophin Inc. announced the closing of its previously announced underwritten public offering of 7,866,000 shares of its common stock at a price to the public of $19 per share, including 1,026,000 shares sold pursuant to the full exercise of the underwriters’ option.
The gross proceeds to Retrophin from this offering, before deducting underwriting discounts and expenses payable by Retrophin, were approximately $149.5 million, the company said.
San Diego-based Retrophin, a biopharmaceutical company, focuses on the discovery and development of drugs for the treatment of catastrophic diseases that are debilitating and often life-threatening, and for which there are limited patient options.
The company anticipates using the net proceeds from the offering to fund its research and development efforts, acquisitions or investments in additional complementary businesses, products and technologies, including $27 million to fund the initial cash milestone payment payable in connection with the acquisition of an additional clinical asset from Asklepion Pharmaceuticals LLC, and for general corporate purposes, including working capital, Retrophin said.
Leerink Partners LLC and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Nomura Securities International, Inc. and JMP Securities LLC acted as co-managers for the offering.
