Date: 2014-08-29
Type of information: Private placement
Company: Orexo (Sweden)
Investors: Swedish and international external institutional and strategic investors
Amount: SEK 346.5 million (€37.7 million)
Funding type: private placement
Planned used: The proceeds from the private placement are intended to finance the continued expansion of Zubsolv®, a novel formulation of buprenorphine and naloxone using Orexo’s extensive knowledge in sublingual technologies used for maintenance treatment of opioid dependence, and Orexo’s presence in addiction medicine.
Others: * On August 29, 2014, Orexo announced that its private placement of 2,493,046 Orexo shares has been completed. The placement included all Orexo shares held in treasury by the company in addition to newly issued shares. The offering attracted strong interest from new Swedish and international external institutional and strategic investors as well as some of Orexo’s existing minor institutional investors. The price of SEK 139 per share was determined through a book-building procedure, resulting in total cash proceeds of approximately SEK 346.5 million (€37.7 million) before transaction costs.
For the purpose of the private placement, the Board of Directors of Orexo has resolved, pursuant to authorizations given by the 2014 annual general meeting, to sell all 1,121,124 Orexo shares held in treasury by the company and to issue 1,371,922 new Orexo shares to the investors in the private placement.
Settlement with investors is to take place on September 3, 2014 and registration of new shares with the Swedish Companies Registration Office and Euroclear Sweden is expected to take place a few days thereafter. Novo A/S has undertaken to temporarily lend the number of shares required to facilitate prompt settlement with investors.
The price in the private placement corresponds to a discount of less than three percent compared to the closing share price on August 28, 2014. The issue of new shares for the purpose of the private placement will, after registration of the new shares, result in an equity dilution of approximately four percent. Through the issue of new shares, the number of shares in Orexo will increase by 1,371,922 from 32,953,233 shares to 34,325,155 and the share capital will increase by SEK 548,768.80 from SEK 13,181,293.20 to SEK 13,730,062. The number of Orexo shares held by Orexo itself (treasury shares) will decrease from 1,121,124 to zero as a consequence of the sale of such shares in the private placement.
Therapeutic area: CNS diseases
