Orexigen Therapeutics prices public offering
Orexigen Therapeutics, Inc. (Nasdaq: OREX) shares are trading heavily after the obesity drug developer announced it will price its public offering of seven million shares of common stock at $11 apiece. The price represents a 4% discount from Wednesday’s closing price of $11.41.
The firm has approximately 26.9 million shares outstanding.
For the offering, Merrill Lynch & Co. acted as the book-running manager and Leerink Swann LLC acted as co-lead manager for the offering. JMP Securities LLC, Lazard Capital Markets, Canaccord Adams Inc. and Natixis Bleichroeder Inc. acted as co-managers for the offering.
In morning trading, OREX shares are down 5%, or $0.57, at $10.84. Over the last 52 weeks, shares have ranged from $10.80 to $19.15.
