GW, Receptos, China Biologic propose follow-ons
GW Pharmaceuticals plc (LSE:GWP; NASDAQ:GWPH), Receptos Inc. (NASDAQ:RCPT) and China Biologic Products Inc. (NASDAQ:CBPO) all proposed follow-ons after market close on Tuesday. GW plans to sell 1.7 million ADSs in an offering underwritten by Morgan Stanley; Merrill Lynch; Cowen and Piper Jaffray. If sold at GW's close of $89.82 on Tuesday, the company would raise $152.7 million. GW markets Sativex to treat spasticity due to multiple sclerosis (MS). The sublingual cannabis extract spray is in Phase III testing for cancer pain.
Receptos plans to sell 3.8 million shares in an offering underwritten by Credit Suisse; Leerink; BMO Capital Markets; Wedbush PacGrow; and Nomura. If sold at Receptos' close of $38.48 on Tuesday, the company would raise $146.2 million. Earlier this month, Receptos said its RPC1063 met the primary endpoint in the Phase II portion of the Phase II/III RADIANCE trial to treat relapsing multiple sclerosis. RPC1063 is a selective sphingosine-1-phosphate receptor 1 ( S1PR1; S1P1; EDG1) agonist (see BioCentury Extra, June 9). ...