A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013.MARK BLINCH/Reuters
Concordia Healthcare Corp.'s public share sale is done and dusted.
In a release late Thursday, the Oakville, Ont.-based pharma company said that it had commitments from investors to buy eight million common shares and raise $520-million (U.S.).
The public offering was announced on Monday. The cash will be used in part to fund its recent $2.1-billion acquisition of Amdipharm Mercury Co. Ltd.
Earlier in the week, The Globe and Mail reported that the offering was oversubscribed and on track to be concluded by Friday.
Investors got a nice deal on the share sale. The stock was sold at $65 a share, which represents about a 10-per-cent discount compared with the $72.15 close at on Monday on the Nasdaq.
Chief executive officer Mark Thompson told The Globe and Mail that the firm was targeting U.S. institutional investors.
When the Amdipharm Mercury deal was announced on Sept. 9, Concordia's shares fell almost 11 per cent, partly because of the dilutive "overhang" the stock sale presented. That overhang has now been lifted.
RBC Dominion Securities and Goldman Sachs & Co. led the offering.
Niall McGee