- Biopharmaceutical company Theratechnologies (TH) has closed its bought deal public offering after raising over C$58 million in proceeds
- The company issued 16,727,900 units at US$2.75 (roughly C$3.50) each, raising over US$46 million (approximately C$58.5 million)
- This included the full exercise of an over-allotment option to purchase an extra 2,181,900 units at the offering price
- Proceeds of the offering will primarily go towards funding research and development activities, as well as commercialisation initiatives
- Theratechnologies is up 0.32 per cent, and is currently trading for $3.14 per share
Biopharmaceutical company Theratechnologies (TH) has closed its bought deal public offering after raising over C$58 million in proceeds.
The company’s previously announced offering was conducted by a syndicate of underwriters, including companies such as Canaccord Genuity Corp and National Bank Financial. The underwriter syndicate was led by the lead underwriter and sole bookrunner Mackie Research Capital Corporation.
During the offering, the company issued a total of 16,727,900 of its units, at a price of US$2.75 (roughly C$3.50) each. As a result, Theratechnologies ended up raising aggregate gross proceeds of US$46,001,725 (approximately C$58,557,895) through the bought deal offering.
The company’s offering also included the full exercise of an over-allotment option, which allowed for the purchase of an extra 2,181,900 units at the offering price.
Each unit issued through the offering contains one common share in Theratechnologies, as well as one half of a common share purchase warrant.
Each whole warrant will allow the holder to buy one additional common share, at an exercise price of US$3.18 (approximately C$4.05). Warrant-holders may exercise this option at any time within the next three years, until the expiration date January 19, 2024.
The proceeds of Theratechnologies’ bought deal offering will primarily go towards funding the company’s research and development activities, as well as its commercialisation initiatives. Some of the funds raised may also be used for the company’s general and administrative expenses, working capital needs, and other general corporate purposes.
Theratechnologies is up 0.32 per cent and trading for $3.14 per share, as of 12:21pm EST.
