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Clinical Data Expects to Gross $66M in Public Stock Offering

NEW YORK (GenomeWeb News) — Clinical Data expects to gross $66 million in a previously disclosed plan to offer 3 million shares of its common stock. The offering would price the shares at $22 apiece, the company said today.
Clinical Data plans to pump some of the proceeds into clinical trials, preclinical R&D, and expenses, acquisitions, and working capital.
Chairman Randal Kirk, Clinical Data’s largest shareholder, will buy an aggregate of 2.25 million shares at a cost of $49.5 million. That pickup will leave Kirk holding roughly 48 percent of the company, either directly or through affiliates.
The company has granted the underwriters a 30-day option to buy 450,000 additional shares at the public offering price to cover over-allotments. Clinical Data said it expects to close the offering on July 23.
Bear, Stearns & Co. is serving as managing book-runner for the offering and Lazard Capital Markets is co-manager.
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