ARTICLE | Finance

Avanir raises $88M after Nuedexta approval for involuntary laughing, crying

November 22, 2010 8:00 AM UTC

Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) took advantage of October's FDA approval of Nuedexta dextromethorphan/quinidine to treat pseudobulbar affect (PBA) - which nearly doubled the company's market cap - and raised $88 million last week in the ninth largest biotech follow-on of the year.

Avanir sold 20 million shares at $4.40, a 5% discount on the stock price the day before the offering priced. The deal is more than twice the size of any previous financing by the company and was 20% of Avanir's $434 million market cap before the company said it was planning to sell stock...