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Cash-guzzling Horizon prices new offering

This article was originally published in Scrip

Executive Summary

Horizon Pharma has priced a public offering of common stock and warrants and expects to raise $70 million in net proceeds, or $81 million if an over-allotment option is fully exercised. The offering, which is expected to close on 25 September, will involve the sale of units consisting of one share and a warrant to purchase 0.5 shares priced at $3.50. The company's share price has tumbled by 24% from $4.58 on 19 September before it disclosed its planned offering to $3.49 in mid-morning trading on 21 September following the pricing. The company's market cap was $118 million on 21 September 2012.

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