Alkermes plc Prices Secondary Offering of 21,000,000 Ordinary Shares Held by Elan Corporation PLC
Published: Mar 08, 2012
DUBLIN--(BUSINESS WIRE)--Alkermes plc (NASDAQ: ALKS) (“Alkermes”) today announced the pricing of an underwritten public offering of 21,000,000 ordinary shares held by a subsidiary of Elan Corporation, plc (“Elan”) at a price to the public of $16.50 per share. Alkermes 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 3,150,000 ordinary shares. The offering is expected to close on or about March 13, 2012, subject to customary closing conditions. Citigroup, Jefferies & Company, Inc. and Morgan Stanley are acting as joint book-running managers. Berenberg Bank and Cowen and Company, LLC are co-managers for the offering. Following closing and assuming exercise of the additional purchase option, the Elan subsidiary is expected to own 7,750,000 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.