Company sells 6% secured notes to Amgen; inks collaboration agreement
By Devika Patel
Knoxville, Tenn., Feb. 22 – Unilife Corp. arranged a $55 million private placement of a 6% senior secured convertible note with Amgen Inc. on Feb. 22, according to an 8-K filed Monday with the Securities and Exchange Commission. Amgen also agreed to a collaboration under which the investor will use the company’s injectable drug delivery systems with Amgen’s product portfolio. The deal raised $30 million at pricing.
The note is convertible into common shares at a price equal to 90% of the volume weighted average price of the stock during the 20 trading days preceding the conversion, with a floor conversion price of $1.25. It matures on Feb. 22, 2023. The note may be put at 101.
The medical device manufacturer is based in York, Pa.
Issuer: | Unilife Corp.
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Issue: | Senior secured convertible notes
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Amount: | $55 million
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Maturity: | Feb. 22, 2023
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Coupon: | 6%
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Conversion price: | 90% of the volume weighted average price of the stock during the 20 trading days preceding the conversion, floor of $1.25
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Put: | At 101
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Warrants: | No
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Investor: | Amgen Inc.
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Pricing date: | Feb. 22
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Settlement date: | Feb. 22 (for $30 million)
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Stock symbol: | Nasdaq: UNIS
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Stock price: | $0.98 at close Feb. 19
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Market capitalization: | $165.88 million
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