Concordia up 18% after raising $520M in offering
Shares of Concordia Healthcare peaked 18% Wednesday after it released some-more shares to assistance account a new merger and compensate behind a little debt.
The Canadian curative company, formed in Oakville, Ontario, lifted $520 million Wednesday by arising 8 million usual shares, or $65 per share.
Earlier this month, Concordia concluded to take London-based Amdipharm Mercury for $3.5 billion, a understanding which is approaching to tighten by the finish of the year. Concordia additionally skeleton to account the merger by loans and debt securities.
Shares rose $6.49 to finish the day at $42.56.
The equity charity was underwritten by Goldman Sachs, RBC Capital Markets, Credit Suisse Securities, Jefferies and others. The association charity the underwriters an choice to buy up to an one more 1.2 million shares at the charity cost at a after date.
Concordia additionally pronounced it has perceived a little underwriters’ joining for one more financing to assistance compensate for the Amdipharm merger and refinance superb loans.