Avanir raises $200.2M follow-on

Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) raised $200.2 million through the sale of 18.2 million shares at $11 in a follow-on underwritten by J.P. Morgan; Deutsche Bank; and BofA Merrill Lynch. Avanir said Monday it planned to raise $200 million, after closing the day at $11.21.

Earlier this month, Avanir's AVP-923 dextromethorphan/quinidine met the primary endpoint of reducing agitation vs. placebo in a Phase II trial in patients with Alzheimer's disease (AD). The company plans to meet with FDA to discuss pivotal trial design. ...