Horizon Pharma Announces $50.8M Private Placement

Horizon Pharma, Inc.

announced today the execution of a securities purchase agreement with a select group of institutional and accredited investors providing for a private placement financing. Upon the closing of the private financing, Horizon will receive gross proceeds of approximately $50.8 million resulting from the sale of 14,033,829 units at a price of $3.62125 per unit. Each unit consists of one share of Horizon's common stock and a warrant to purchase 0.25 shares of common stock at an exercise price of $4.308 per share. The financing is expected to close on March 2, 2012 subject to standard closing conditions. JMP Securities LLC, Cowen and Company, LLC and Stifel Nicolaus Weisel served as joint-lead placement agents for the financing. Horizon expects that the net proceeds from this financing, combined with existing cash resources, will fund the company's operations into the second half of 2013 and will be used for the ongoing commercial launch of DUEXIS® in the U.S., to pursue regulatory approval for LODOTRA® in the U.S. and DUEXIS in Europe and for working capital and other general corporate purposes.