Acorda announces price of shares
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- August
- 7
Acorda Therapeutics Inc., the Hawthorne company that sells a drug for people with multiple sclerosis, said the 4 million shares that will be offered to the public will carry a price of $28.50 apiece. The shares are being offered by Deutsche Bank Securities Inc. as underwriter.
The company has granted the underwriter the option to buy an additional 600,000 shares at the offering price to cover any over-allotments.
Acorda, which markets Zanaflex, said it plans to use the money it makes from the offering to fund the filing of an application to sell Fampridine-SR and for the costs of marketing the drug, if it is approved. That drug is also for patients with multiple sclerosis.
The company will also use proceeds for other research and general corporate purposes.
Acorda shares were trading at $28.46 at 10:10 a.m., down $1.47.
This entry was posted
on Thursday, August 7th, 2008 at 9:36 am by Allan Drury.
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