New York, Nov. 2 - Durect Corp. priced a $37 million follow-on and secondary offering of common stock at $5.00 per share.
The price was discounted from Tuesday's close of $5.95.
Making up the transaction were 7.4 million shares offered by the company in a follow-on sale and 32,256 shares from selling stockholders.
The deal has a greenshoe comprised of 815,530 follow-on shares from the company and 294,470 secondary shares.
Morgan Stanley & Co. Inc. was bookrunner with J.P. Morgan Securities Inc. as joint lead manager. The syndicate also included co-managers CIBC World Markets and WR Hambrecht & Co.
Durect is a Cupertino, Calif., specialty pharmaceutical company focused on the development of pharmaceutical systems based on its proprietary drug delivery platform technologies.
It will use proceeds for general corporate purposes, including clinical trials, research and development activities, capital expenditures, facilities expansion and to meet working capital needs. It may also use all or some of the proceeds to buy, exchange or induce conversion of some or all of its 6.25% convertible notes due June 2008 in open market or privately negotiated transactions.
| Issuer: | Durect Corp.
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| Issue: | Stock
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| Amount: | $37 million
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| Shares: | 7.4 million follow-on, 32,256 secondary
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| Greenshoe: | 815,530 follow-on, 294,470 secondary
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| Price: | $5.00
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| Pricing date: | Nov. 1, after close
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| Settlement date: | Nov. 7
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| Bookrunner: | Morgan Stanley & Co. Inc.
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| Symbol: | DRRX
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| Stock price: | $5.95 at close Nov. 1
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