GW raises $104.2 million in follow-on

GW Pharmaceuticals plc (LSE:GWP; NASDAQ:GWPH) raised $104.2 million late Wednesday through the sale of 1.2 million ADSs at $86.83 in a follow-on underwritten by Morgan Stanley; BofA Merrill Lynch; Cowen; and Piper Jaffray. GW proposed the follow-on after market close on Tuesday, when its share price was $89.82. GW shareholders raised $43.4 million through the sale of 500,000 ADSs in a concurrent secondary offering. GW markets Sativex to treat spasticity due to multiple sclerosis (MS). The sublingual cannabis extract spray is in Phase III testing for cancer pain. ...