Parnell to price IPO of 3.24 million shares between $17.00 and $19.00

Jefferies, Piper Jaffray are joint bookrunners; JMP, Ladenburg assist

By Devika Patel

Knoxville, Tenn., June 9 – Parnell Pharmaceuticals Holdings Ltd. will sell 3.24 million common shares in its initial public offering with a 30-day greenshoe of 540,000 additional shares, according to a Form F-1/A filed Monday with the Securities and Exchange Commission. The deal was announced May 19 and includes a secondary sale of 360,000 shares.

The shares will be sold at a price expected to fall between $17.00 and $19.00 per share.

Jefferies and Piper Jaffray are the joint bookrunning managers. JMP Securities and Ladenburg Thalmann & Co. Inc. are the co-lead managers, and Geller Biopharm is the co-manager.

Proceeds will be used to repay debt under the company’s credit facility with SWK Funding LLC, for development of product candidates, for expansion of commercial infrastructure and for general corporate and working capital purposes.

The pharmaceutical company is based in Alexandria, Australia. The company intends to list its common stock on the Nasdaq stock exchange under the symbol “PARN.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.