Durata Therapeutics prices $46M stock offering

Durata Therapeutics says it expects to raise $46.3M by selling 7M shares of stock

Associated Press

CHICAGO (AP) -- Durata Therapeutics Inc. said Friday it expects to raise about $46.3 million through a new stock offering.

The company is selling 7.2 million shares for $7 per share, which would give Durata $46.3 million in proceeds after discounts and underwriting expenses are deducted. The underwriters of the stock sale will have the option to buy an additional 1.1 million shares. Durata said the sale should close Wednesday.

Shares of Durata closed at $7.28 Thursday, and the offering is priced at a 3.9 percent discount to that value. The company had 18.4 million shares on the market as of Jan. 31, and its stock has traded between $6.68 and $10.63 since Durata's initial public offering in July.

Durata is studying an antibiotic called dalbavancin. It reported successful clinical trial results from late-stage studies of in December and February, and plans to file for U.S. marketing approval in the middle of the year and file in Europe at the end of 2013. The company said in January that it believed it had enough cash to fund its business into mid-2014.

Shares of Durata edged up 5 cents to $7.33 in morning trading.

Rates

View Comments (0)