NEW YORK (GenomeWeb News) – Thermo Fisher Scientific today said that the underwriters of its recently announced $2.2 billion public offering of common stock have exercised their over-allotment option.
The underwriters purchased nearly 3.9 million additional shares of Thermo Fisher's stock at $85.50 per share in exercising the over-allotment option.
The company previously entered into forward sale agreements with affiliates of JP Morgan and Barclays with respect to the 25.7 million shares initially offered for sale. Thermo Fisher has also entered into additional forward sale agreements with respect to the 3.9 million shares exercised in the over-allotment option.
The affiliates of JP Morgan and Barclays are now expected to borrow from third parties and sell to the public through the underwriters a total of about 29.6 million shares of common stock in the offering, Thermo Fisher said.
Net proceeds from the offering will be used to fund a portion of the $13.6 billion acquisition of Life Technologies, anticipated to be completed in early 2014. The common stock offering is expected to close on or about June 12.