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Sequenom Raises $80M in Public Offering of Common Stock

This article has been updated to include net proceeds from the offering and additional historical stock data.
 
NEW YORK (GenomeWeb News) – Sequenom has gained net proceeds of roughly $80.1 million from Thursday's public offering of 5.5 million shares at $15.50 per share, a slight discount to Wednesday’s closing price of $15.94.
 
The offering price, though, is higher than the estimated price of $14.25 listed in the firm's preliminary prospectus earlier this week. Sequenom CFO Paul Hawran noted that the price was set at Monday's closing price of $14.25 for the stock. In between Monday's close and Thursday's offering, Sequenom's shares climbed as high as $16.89.
 
All of the shares are being offered by Sequenom. The underwriters of the offering have an option to purchase an additional 825,000 shares.
 
Lehman Brothers and UBS Investment Bank are joint book-running managers for the offering, with Leerink Swann, Lazard Capital Markets, Oppenheimer, and Rodman & Renshaw acting as co-managers.
 
Sequenom said earlier this week that it will use funds raised in the offering to develop diagnostic tests for use on its MassArray system and other platforms, as well as for general corporate purposes. The firm also said it may use the proceeds to acquire or invest in other business, “although we have no current plans, commitments or agreements with respect to any acquisition,” as of today.
 
In early Friday trade on the Nasdaq, Sequenom’s shares were up 3.2 percent at $15.75.