Drug maker Paladin Labs Inc (PLB.TO) said it plans to raise C$51 million ($44.82 million) by way of a bought-deal sale, to make the final payment for its acquisition of Dexedrine and other purposes.
The company said as part of the deal, it will sell 3 million common shares at a price of C$17 per share, a discount of about 3 percent to its Wednesday closing price.
The sale is to a syndicate of underwriters including Desjardins Securities Inc and TD Securities, Paladin said in a statement. Net proceeds will also be used to fund the joint venture partnership with Isotechnika Inc and to continue with its strategy of acquiring products with existing sales, the company said.
The underwriters, co-lead by Cormark Securities Inc and GMP Securities, will have the option to buy up to an additional C$7.7 million in stock.
Paladin said one of its significant shareholders, Joddes Limited, also agreed to buy 750,000 shares in the offering. Joddes currently owns about 42 percent of the company's outstanding shares.
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