DUBLIN (dpa-AFX) - Alkermes plc (ALKS) announced the pricing of an underwritten public offering of 21 million ordinary shares held by a subsidiary of Elan Corporation, plc at a price to the public of $16.50 per share.
Alkermes said that it will not receive any proceeds from the offering and its total number of ordinary shares outstanding will not change as a result of the offering.
In addition, Elan has granted the underwriters a 30-day option to purchase up to an additional 3.15 million ordinary shares. The offering is expected to close on or about March 13, 2012, subject to customary closing conditions.
Following closing and assuming exercise of the additional purchase option, the Elan subsidiary is expected to own 7.75 million ordinary shares, which will be subject to transfer restrictions set forth in a shareholder's agreement by and between Alkermes, Elan and the Elan subsidiary.
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© 2012 AFX News
