By Business Wire, October 09, 2013, 02:09:00 PM EDT
Lannett Company, Inc. (NYSE MKT:LCI) has closed its previously
announced underwritten public offering of 5,869,566 shares of the
Company's common stock at a price of $18.00 per share. The offering
included 4,250,000 shares offered by the Company and 1,619,566 shares
offered by certain selling stockholders of the Company. One selling
stockholder also granted to the underwriters a 30-day option to acquire
an additional 880,434 shares to cover over-allotments, if any, in
connection with the offering. After the underwriting discounts and
estimated offering expenses payable by the Company, the Company received
net proceeds of approximately $71.5 million. The Company did not receive
any proceeds from the sale of shares by any selling stockholders and
will not receive any proceeds from the exercise of the over-allotment
option. Roth Capital Partners, LLC and Canaccord Genuity Inc. acted as
joint book-running managers and Oppenheimer & Co. Inc. acted as lead
manager for the offering. Craig-Hallum Capital Group LLC acted as
co-manager for the offering.
The Company intends to use the net proceeds from this offering for
general corporate purposes, including, without limitation, research and
development, general and administrative, manufacturing and marketing
expenses, and for potential acquisitions of companies, products, ANDAs,
technologies and assets that complement its business.
The shares described above were offered pursuant to a registration
statement previously filed with and subsequently declared effective by
the Securities and Exchange Commission (SEC). A final prospectus
supplement relating to the offering was filed with the SEC, and is
available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
Copies of the final prospectus supplement and accompanying base
prospectus may be obtained from Roth Capital Partners, LLC, 888 San
Clemente, Newport Beach, CA 92660, (800) 678-9147 or from Canaccord
Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th
Floor, Boston, MA 02110, (617) 371-3900.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages,
markets and distributes generic pharmaceutical products for a wide range
of medical indications. For more information, visit the Company's
website at www.lannett.com.
This news release contains certain statements of a forward-looking
nature relating to future events or future business performance.Any
such statement, including, but not limited to, statements regarding the
intended use of proceeds from the offering, whether expressed or
implied, is subject to market and other conditions, and subject to risks
and uncertainties which can cause actual results to differ materially
from those currently anticipated due to a number of factors which
include, but are not limited to, the risk factors discussed in the
Company's Form 10-K and other documents filed with the SEC from time to
time, including the prospectus supplement related to the proposed
offering filed with the SEC.These forward-looking statements
represent the Company's judgment as of the date of this news release.The Company disclaims any intent or obligation to update these
Source: Lannett Company, Inc.