NEW YORK – OraSure Technologies announced on Wednesday the pricing of 8 million shares of its common stock at $11 per share.
Net proceeds from the offering are estimated at approximately $82.5 million, the Bethlehem, Pennsylvania-based company said.
OraSure has also granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares of its common stock.
According to a statement, the proceeds will be used to expand manufacturing capacity for existing and in-development COVID-19 assays, as well as to support other products, to potentially fund acquisitions of new businesses, technologies, or products, and for general corporate purposes.
Citigroup, Evercore Group, and JP Morgan Securities are acting as joint book-running managers of the offering while UBS Investment Bank and Raymond James & Associates are acting as co-managers of the offering.
The offering is expected to close on June 5.
In early morning trading on the Nasdaq on Wednesday, Orasure's stock was down about 5 percent to $11.52.