HeartWare International Inc. (NSDQ:HTWR) priced its latest stock offering, selling 1,537,305 common shares for $35.50 apiece.
The Framingham, Mass.-based maker of minaturized heart pumps and its underwriters increased the size of the offering by roughly 2.5 percent, adding 37,305 shares to the 1.5 million shares originally slated for sale earlier this week. The last-minute decision added an extra $1.3 million to Heartware’s take, boosting gross proceeds from the deal to nearly $54.6 million.
Heartware could pick up an another $8.2 million if underwriters choose to exercise their overallotment option to sell 230,595 shares within the next 30 days. Assuming the underwriters’ standard 7 percent fee, the company likely will pocket just over $58 million in net proceeds after all offering expenses are deducted and if the underwriters follow through with their overallotment.
The deal, announced late Jan. 26 after the U.S. markets closed, was led by J.P. Morgan Securities Inc. as the sole book-running manager. Canaccord Adams, Lazard Capital Markets and Wedbush PacGrow Life Sciences also participating by selling shares.
Heartware completed a private placement of stock with institutional and individual investors in August 2009, pulling in nearly $60 million in proceeds in a deal priced at $22 per share. It did not pocket all of the money until late October, however, because shareholders were first required to authorize the issue of more stock before the deal could be completed.