Prothena raises $77 million in follow-on
Prothena Corp. plc (NASDAQ:PRTA) raised $77 million through the sale of 3.5 million shares at $22 in a follow-on underwritten by BofA Merrill Lynch; Credit Suisse; RBC Capital Markets; Wedbush PacGrow; and Roth Capital Partners. Prothena first proposed to sell the shares in the offering on Sept. 18, when its share price was $20.22. On Thursday, Prothena was off $1.29 to $22.08.
The Janssen Pharmaceuticals Inc. subsidiary of Johnson & Johnson (NYSE:JNJ) also sold 2.4 million Prothena shares in a concurrent secondary offering. Including the 209,421 shares Janssen is proposing to sell in the overallotment, the shares account for Janssen's entire 14.8% stake in Prothena. Janssen had initially proposed to sell 1.5 million shares in the offering, which would have brought its stake in Prothena down to 5.3%. ...