Orexo AB has announced that its private placement of 2,493,046 Orexo shares has been completed.
The placement included all Orexo shares held in treasury by the company in addition to newly issued shares. The price of SEK 139 per share was determined through a book-building procedure, resulting in total cash proceeds of approximately SEK 346.5m before transaction costs.
“We are very pleased with the strong interest from both Swedish and international investors. The offering strengthens our financial position further and is an important step in financing the continued expansion of Zubsolv and Orexo’s presence in addiction medicine. We are also very pleased to have been able to broaden the shareholder base and attract some very interesting new investors, which new investors account for the vast majority of the placement,” said Nikolaj Sørensen, President and CEO of Orexo.
For the purpose of the private placement, the Board of Directors of Orexo has resolved, pursuant to authorizations given by the 2014 annual general meeting, to sell all 1,121,124 Orexo shares held in treasury by the company and to issue 1,371,922 new Orexo shares to the investors in the private placement.
Through the issue of new shares, the number of shares in Orexo will increase by 1,371,922 from 32,953,233 shares to 34,325,155 and the share capital will increase by SEK 548,768.80 from SEK 13,181,293.20 to SEK 13,730,062. The number of Orexo shares held by Orexo itself (treasury shares) will decrease from 1,121,124 to zero as a consequence of the sale of such shares in the private placement.