Synergy Pharmaceuticals Announces Pricing of Public Offering of 10M Shares of Common Stock at $4.50
Synergy Pharmaceuticals, Inc. (Nasdaq: SGYP), a developer of new drugs to treat gastrointestinal disorders and diseases, announced the pricing of an underwritten public offering of 10,000,000 shares of common stock at an offering price of $4.50 per share. The gross proceeds to Synergy from this offering are expected to be $45 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
The offering is expected to close on May 9, 2012, subject to customary closing conditions. Synergy has also granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Synergy.
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