Omrix Biopharmaceuticals raised an additional $5.2 million.
The underwriters of the IPO for biotechnology firm Omrix Biopharmaceuticals Ltd. (Nasdaq:OMRI) have decided to exercise the green shoe option granted them by the company, two weeks after the completion of the flotation.
The consortium of underwriters, UBS, Leerink Swann and Oppenheimer exercised its option in full, and paid Omrix $5.2 million for 515,625 shares. This brings the total sum raised by the IPO to $39.5 million or $35, million net. Omrix, which develops biological sealants for surgical use and passive immunotherapy products, has now become a public company with a stock price that began trading at $10 a share, and has risen in the two weeks since the IPO to $11.55 a share. This reflects a yield of 16% on the issue price and a market cap of $165 million. Last Friday’s closing price was the stock’s first high.
Omrix is expected to post its results for the first quarter of 2006 this Wednesday.
Published by Globes [online], Israel business news - www.globes.co.il - on May 8, 2006
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