ARTICLE | Financial News

GW raises $87.9 million in bumped-up follow-on

January 10, 2014 1:59 AM UTC

GW Pharmaceuticals plc (LSE:GWP; NASDAQ:GWPH) raised $87.9 million through the sale of 2.4 million ADSs at $36 per ADS in a bumped-up follow-on on NASDAQ underwritten by Morgan Stanley; Cowen; Piper Jaffray; and Canaccord. Each ADS represents 12 ordinary shares. GW first proposed to raise up to $60 million in the offering in December, when its price was $32.70. On Monday, GW said it planned to sell up to 2 million ADSs in the offering.

GW's Sativex is approved to treat spasticity due to multiple sclerosis (MS) in 24 countries, including Canada, Spain, New Zealand, Denmark and the U.K. The sublingual cannabis extract spray containing tetrahydrocannabinol (THC) and cannabidiol (CBD) is in Phase III testing to treat cancer pain, with data expected towards the end of 2014. ...