GW raises $276M in follow-on

GW Pharmaceuticals plc (NASDAQ:GWPH) raised $276 million through the sale of 2.4 million ADSs at $115 in a bumped-up follow-on underwritten by Goldman Sachs, Morgan Stanley, BofA Merrill Lynch and Cowen. The price is a 4% discount to GW's close of $119.41 on Tuesday, when it proposed after market hours to raise $225 million. Each ADS represents 12 ordinary shares.

In October, GW submitted an NDA for lead candidate Epidiolex cannabidiol to treat Dravet syndrome and Lennox-Gastaut syndrome. By year end, it plans to submit an MAA to EMA seeking Epidiolex's approval for the same indications. The therapy is an oral liquid formulation of cannabidiol, a phytocannabinoid found in Cannabis sativa...