Egalet to price IPO of 3.5 million shares between $11.00 and $13.00

Stifel, JMP, Canaccord Genuity and Janney Montgomery Scott will assist

By Devika Patel

Knoxville, Tenn., Jan. 23 - Egalet Corp. will sell 3.5 million common shares in its initial public offering with a 30-day greenshoe option, according to a Form S-1/A filed Thursday with the Securities and Exchange Commission. The deal was announced Oct. 16.

The shares will be sold at a price expected to fall between $11.00 and $13.00 per share.

Stifel and JMP Securities are the joint bookrunning managers. Canaccord Genuity and Janney Montgomery Scott are the co-managers.

Proceeds will be used for bioequivalence trials and abuse deterrence studies for Egalet-001, for Phase 3 efficacy and safety trials and alcohol interaction and abuse deterrence studies for Egalet-002, to establish commercial manufacturing capability for Egalet-001 and Egalet-002, for research and development operations and for working capital and general corporate purposes.

Shionogi Ltd. has agreed to invest up to $15 million in a separate private placement of stock.

The pharmaceutical company is based in Wayne, Pa. It intends to list its common stock on the Nasdaq under the symbol "EGLT."

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