===GlobalFoundries (GFS) prices $950 million secondary offering of ordinary shares

 

GlobalFoundries prices $950 million secondary offering of ordinary shares, including concurrent $200 million share repurchase

• Co announced the pricing of a secondary public offering of $950 million of its ordinary shares at a price to the public of $50.75 per share (including a $200 million share repurchase, as described below).
• All of the shares in the offering are being offered by Mubadala Technology Investment Company. The Selling Shareholder is a wholly owned subsidiary of Mubadala Investment Company PJSC (which, together with its affiliates, is GlobalFoundries' largest shareholder).
• GlobalFoundries has agreed to concurrently repurchase from the underwriters $200 million of the Selling Shareholder's ordinary shares that are subject to the offering at a price per share equal to the public offering price for the offering.

Coty (COTY) prices secondary offering

Coty prices secondary offering of 50,000,088 shares of common stock at $8.53 per share

• Shares of Class A common stock sold in the offering will be initially issued to KKR upon conversion of 285,576 shares of Coty's Series B Convertible Preferred Stock held by KKR.
  

 

Arcturus Therapeutics (ARCT) prices offering of 3.2M shares of its common stock at $53.00

Arcturus Therapeutics prices offering of 3,264,151 shares of its common stock at $53.00 per share
The company intends to use the net proceeds of the offering to develop, test, and manufacture the company's LUNAR-COV19 vaccine candidate and to continue clinical development of LUNAR-OTC; to advance the company's LUNAR-CF, LUNAR-CV, and LUNAR-FLU preclinical programs into clinical development; to fund early research and development of novel and proprietary RNA medicines; and for general corporate and working capital purposes.

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-=Adaptive Biotechnologies (ADPT) prices offering of 8,000,000 shares of its common stock at $40.00 per share

Aptevo Therapeutics (APVO) : pricing of equity offering

 

Aptevo Therapeutics (APVO) slumps on almost 13x higher volume in response to its public offering of 19.85M shares of common stock and warrants to purchase up to the same number of shares at a price of $1.00 per share and warrant.

• The company is also offering pre-funded warrants to purchase up to 2.15M common shares at $0.01 per share and related warrants to purchase up to 2.15M common shares at $1.30 at a combined price of $0.99.
• Total gross proceeds should be ~$22.00M. Closing date is March 11.
• Yesterday's close was $1.48.

-=Annaly Capital Mgmt (NLY) to make public offering of 75 mln shares of common stock

Annaly Capital Mgmt to make public offering of 75 mln shares of common stock
Annaly intends to use the net proceeds of this offering to acquire targeted assets under the Company's capital allocation policy, which may include further diversification of its investments in Agency assets as well as residential, commercial and corporate credit assets.

=Geron (GERN) : files $250 mln mixed securities shelf offering

Mannkind (MNKD): $28.0 mln registered direct offering

 

Mannkind announces $28.0 mln registered direct offering 

• Co priced of a registered direct offering of 14,000,000 shares of common stock and warrants to purchase up to an aggregate of 14,000,000 shares of common stock to select healthcare dedicated institutional investors.
• Each share of common stock is being sold together with a warrant to purchase one share of common stock for a combined purchase price of $2.00.

=OneMain Holdings (OMF) : secondary offering of 7.5 mln shares

OneMain Holdings commences secondary offering of 7.5 mln shares of common stock by selling stockholder -- affiliate of Fortress Investment Group (FIG) 

Bill Barrett (BBG) to merge with Fifth Creek Energy, launch 21M-share offering

HighPoint Resources (formed through the combination of Bill Barrett Corporation and Fifth Creek Energy) is a Denver-based exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado.

• http://www.hpres.com/

• Bill Barrett prices 21 mln shares of common stock for gross proceeds of $105 mln
• The name Bill Barrett goes back a long way in the state of Colorado and in the industry. It epitomizes the Rocky Mountain region’s successful development of its oil and gas resources for many decades–named for the legendary oilman and genuine wildcatter.

  

 

Bill Barrett agrees to a strategic business combination with Fifth Creek Energy Company in a transaction valued at approximately $649 million 

Bill Barrett and Fifth Creek will each become subsidiaries of a newly formed holding company, which will become the publicly listed and traded holding company for the combined Bill Barrett and Fifth Creek. In the transaction, Bill Barrett's stockholders will exchange their Bill Barrett common stock for New BBG common stock on a 1-for-1 basis, and Fifth Creek's current sole owner will receive 100 million shares of the New BBG's common stock. Highlights:

• Creates premier DJ Basin focused company with a highly contiguous and complementary acreage position that is conducive to XRL development 
• Pro forma proved reserves of 168 million barrels of oil equivalent (MMBoe) (69% oil) as of December 31, 2016 and pro forma third quarter of 2017 production of approximately 24 MBoe/d (64% oil) 
• Acquisition adds approximately 81,000 net acres and approximately 2,900 Boe/d (72% oil) of production located in the Hereford Field area of rural northern Weld County, Colorado
• Hereford Field drilling results are among the highest rate oil wells drilled in the DJ Basin with seven wells averaging 1,052 Boe/d (84% oil) (two-stream basis) during their initial thirty days of production
• Initial 2018 plans are to operate three drilling rigs on the combined acreage with anticipated 2018 production of 11-12 MMBoe (~65% oil) and capital expenditures of $500-$600 million
• The transaction is expected to close late in the first quarter or early in the second quarter of 2018. 

=Aratana Therapeutics (PETX) cancels stock offering after shares plunge

Aratana Therapeutics (PETX) canceled plans for a stock offering Tuesday afternoon, one day after it announced the equity issuance and saw its share price plunge in response. The pet-medicine company said in a news release late Tuesday that it was canceling the offering because "current market conditions are not conducive for an offering." After announcing plans to sell at least $35 million in fresh shares Monday evening, Aratana stock plunged 19% in Tuesday's regular trading session to close at $5.86. The stock rebounded after the offering was canceled Tuesday, gaining more than 10% to hit $6.50 in after-hours trading.

Annaly Capital Mgmt (NLY) prices 65 mln common stock offering

• Div/yield 0.30/9.90

  

Annaly Capital Mgmt to offer 65 mln shares of its common stock
Annaly intends to use the net proceeds of this offering to acquire targeted assets under the Company's capital allocation policy, which may include further diversification of its investments in Agency assets as well as residential, commercial and corporate credit assets.

Inovio Pharmaceuticals (INO) announces pricing of public offering of common stock

 

Inovio Pharmaceuticals, Inc. (INO) today announced the pricing of an underwritten public offering of 12,500,000 shares of its common stock, offered at a price to the public of $6.00 per share.  The gross proceeds to Inovio from the offering are expected to be $75.0 million, before deducting the underwriting discounts and commissions and offering expenses payable by Inovio.  All of the shares are being offered by Inovio.  The offering is expected to close on July 25, 2017, subject to customary closing conditions.  In addition, Inovio has granted the underwriters a 30‑day option to purchase up to 1,875,000 additional shares of its common stock on the same terms and conditions.

Inovio anticipates using the net proceeds from this offering for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and other business development activities.

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Inovio sparked a rally in May after announcing positive early-stage results for its experimental HIV vaccine. More recently, news that the FDA would allow the company's only late-stage clinical trial to continue lifted the stock a bit further.

Beyond these two, the company has more candidates in clinical-stage development than most biotechs several times its size, which isn't cheap. Inovio recorded research and development expenses of $24.5 million during the first three months of the year alone.

The company received about $10.4 million in the form of grants and collaboration revenue, but it still burned through $23.1 million during the first quarter. Adding the likely proceeds of this upcoming share offering to whatever remains of the $100.7 million in cash and short-term investments on its balance sheet at the end of March will lengthen its runway somewhat. Until Inovio has an application ready to submit to the FDA, though, investors should remain braced for more share offerings ahead.