Sagent Pharmaceuticals Announces 4.441M Share Offering
Sagent Pharmaceuticals, Inc. (NASDAQ: SGNT), a leader of specialty pharmaceutical products with an emphasis on the injectable market, today announced an offering of shares of common stock. The Company will be offering 3,384,097 shares of common stock and selling shareholders will be offering 1,057,530 shares of common stock. In addition, selling shareholders, collectively, intend to grant the underwriters a 30-day option to purchase up to an additional 666,244 shares of common stock, all at the public offering price less the underwriter discount.
The Company intends to use the net proceeds for general corporate purposes, which it expects to include funding working capital, operating expenses, the continued development of its product pipeline and portfolio, the maintenance and expansion of its current collaboration arrangements, the strengthening of its existing commercial organization, funding the final payments for the remaining 50% interest in Sagent (China) Pharmaceuticals Co. Ltd. and any costs related to its manufacturing facility, and the selective pursuit of business development opportunities in its focus segment areas. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders, including the shares to be sold by the selling stockholders