ALISO VIEJO, Calif.,
Sept. 23, 2014 /PRNewswire/
--Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today
announced the pricing of a public offering of 18,200,000 shares of
its common stock in an underwritten public offering at a price to
the public of $11.00 per share,
before underwriting discounts. J.P. Morgan, Deutsche Bank
Securities and BofA Merrill Lynch are acting as joint book-running
managers for the offering. Piper
Jaffray and JMP Securities are acting as co-managers for the
offering. Avanir has granted the underwriters a 30-day option to
purchase up to an additional 2,730,000 shares of its common stock
in connection with the offering. All of the shares to be sold in
the offering are being sold by Avanir. The offering is expected to
close on or about September 29, 2014,
subject to customary closing conditions.
Gross proceeds from the offering will be $200,200,000 before deducting underwriting
discounts, estimated offering expenses payable by Avanir and
assuming no exercise of the underwriters' option to purchase
additional shares. Avanir intends to use the net proceeds from the
underwritten offering for general corporate purposes, which
include, but are not limited to, funding NUEDEXTA commercial
activities, funding our ongoing and future clinical trials, funding
the commercial launch of AVP-825, if approved, and for general and
administrative expenses. We may also use a portion of the net
proceeds to pay off outstanding indebtedness and/or acquire or
invest in complementary businesses, products and technologies or to
fund the development of any such complementary businesses, products
or technologies that we may acquire in a stock-based
acquisition.
A shelf registration statement relating to the shares of common
stock to be issued in the offering has been filed with the
Securities and Exchange Commission (the "SEC") and became
automatically effective on September 22,
2014. The specific terms of the offering are described in a
prospectus supplement filed with the SEC in connection with the
offering. The offering is being conducted only by means of the
prospectus supplement and accompanying prospectus, copies of which
may be obtained (when available) at the SEC's website at
www.sec.gov, or by contacting: J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, phone: (866)
803-9204; Deutsche Bank Securities, Attention: Prospectus
Department, 60 Wall Street, New York,
NY 10005-2836, e-mail: prospectus.cpdg@db.com, phone: (800)
503-4611; or BofA Merrill Lynch, Attention: Prospectus Department,
222 Broadway, New York, NY 10038,
email: dg.prospectus_requests@baml.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Avanir Pharmaceuticals, Inc.
Avanir Pharmaceuticals, Inc. is a biopharmaceutical company
focused on bringing innovative medicines to patients with central
nervous system disorders of high unmet medical need. As part of our
commitment, we have extensively invested in our pipeline and are
dedicated to advancing medicines that can substantially improve the
lives of patients and their loved ones.
AVANIR® is a trademark or registered trademark of Avanir
Pharmaceuticals, Inc. in the United
States and other countries.
©2014 Avanir Pharmaceuticals, Inc. All Rights Reserved.
Forward Looking Statements
Except for the historical information contained herein, the
matters set forth in this press release, including statements
regarding the anticipated public offering, are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including the
risks and uncertainties associated with market conditions and the
completion of the public offering on the anticipated terms or at
all, obtaining additional indications for commercially marketed
products domestically and internationally, obtaining and
maintaining regulatory approvals domestically and internationally,
whether new drugs can be successfully commercialized, and other
risks detailed from time to time in the Company's most recent
Annual Report on Form 10-K and other documents subsequently filed
with or furnished to the SEC. These forward-looking statements are
based on current information that may change and you are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update any forward-looking statement to reflect events or
circumstances after the issuance of this press release.
Avanir Investor & Media Contact
Ian Clements, PhD
ir@avanir.com
+1 (949) 389-6700
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SOURCE Avanir Pharmaceuticals, Inc.