Orexo has successfully completed its private placement of approx. SEK 346.5m
Uppsala, Sweden – August 29, 2014 – Orexo AB (publ) today announces that its private placement of 2,493,046 Orexo shares has been completed. The placement included all Orexo shares held in treasury by the company in addition to newly issued shares. The offering attracted strong interest from new Swedish and international external institutional and strategic investors as well as some of Orexo’s existing minor institutional investors. The price of SEK 139 per share was determined through a book-building procedure, resulting in total cash proceeds of approximately SEK 346.5m before transaction costs.
“We are very pleased with the strong interest from both Swedish and international investors. The offering strengthens our financial position further and is an important step in financing the continued expansion of Zubsolv and Orexo’s presence in addiction medicine. We are also very pleased to have been able to broaden the shareholder base and attract some very interesting new investors, which new investors account for the vast majority of the placement”, said Nikolaj Sørensen, President and CEO of Orexo.
For the purpose of the private placement, the Board of Directors of Orexo has resolved, pursuant to authorizations given by the 2014 annual general meeting, to sell all 1,121,124 Orexo shares held in treasury by the company and to issue 1,371,922 new Orexo shares to the investors in the private placement. The Board considers it being beneficial for Orexo and its shareholders to broaden the shareholder base and to take advantage of the opportunity to raise capital on favorable terms for the company. The Board believes that the private placement, which in light of the above is made with deviation from the shareholders’ pre-emptive rights, will promote the creation of value for all shareholders of Orexo.
Settlement with investors is to take place on September 3, 2014 and registration of new shares with the Swedish Companies Registration Office and Euroclear Sweden is expected to take place a few days thereafter. Novo A/S has undertaken to temporarily lend the number of shares required to facilitate prompt settlement with investors.
The price in the private placement corresponds to a discount of less than three percent compared to the closing share price on August 28, 2014. The issue of new shares for the purpose of the private placement will, after registration of the new shares, result in an equity dilution of approximately four percent. Through the issue of new shares, the number of shares in Orexo will increase by 1,371,922 from 32,953,233 shares to 34,325,155 and the share capital will increase by SEK 548,768.80 from SEK 13,181,293.20 to SEK 13,730,062. The number of Orexo shares held by Orexo itself (treasury shares) will decrease from 1,121,124 to zero as a consequence of the sale of such shares in the private placement.
Danske Bank is acting as sole lead manager and bookrunner of the private placement. Ashurst is legal adviser to Danske Bank and Vinge legal adviser to Orexo.
For additional information, please contact:Nikolaj Sørensen, President and CEO Phone: +46 (0)703-50 78 88, E-mail: email@example.com
Henrik Juuel, CFO and EVP Phone: +46 (0)72-220 94 77, E-mail: firstname.lastname@example.org