Lantheus Medical Imaging said today it closed its $65 million initial public offering after exercising an over-allotment option that netted an estimated $66.7 million in proceeds.
The North Billerica, Mass.-based company said it floated 12.3 million shares of stock at $6.00 per share, with 1.4 million shares being sold through an over-allotment option.
Credit Suisse Securities, Jefferies, RBC Capital Markets and Wells Fargo Securities were book-runners for the offering, with Robert W. Baird & Co acting as co-manager, the company said. Lantheus has listed on the NASDAQ global market under the trading symbol “LNTH.”
The offering met what Lantheus said they expected in June, seeking $65 million with 10.8 million shares floated at $6.00 per share, with an extra 1.4 million available through an underwriters over-allotment option.
Last month, Lantheus said it hoped to bring in $75 million with the offering. The company said it planned to float nearly 7.9 million shares at a price range of $8.50 to $10.50, with an underwriter’s option for an over-allotment worth another 1.2 million shares.
Last year the company said it planned to price the offering at $12 to $15 per share, for a range of $111.1 million to $138.9 million. At the midpoint of that range, Lantheus would have commanded a fully diluted market capitalization of $370 million. But the company tabled the proposed flotation in July.
