NEW YORK – Opko Health announced Thursday it has priced its offering of 50 million shares of common stock at $1.50 per share.
Gross proceeds from the offering are expected to be $75 million.
The Miami-based company said it intends to use the funds for R&D and to further develop and commercialize its portfolio of proprietary pharmaceutical and diagnostic products, along with other general corporate purposes like working capital, acquisitions, and capital expenditures.
Opko granted the underwriters an option for a period of 30 days to purchase up to an additional 7.5 million shares at the public offering price. The company said it expects to close the offering on Oct. 29.
Jefferies, Piper Jaffray, and Guggenheim Securities are the joint book-running managers for the offering.
The firm previously said that it planned to offer up to $100 million in the offering.