Verona Pharma plc (AIM: VRP), a clinical-stage biopharmaceutical company focused on developing and commercialising innovative therapeutics for the treatment of respiratory diseases with significant unmet medical needs, announces today the pricing of its global offering of an aggregate of 47,399,001 new ordinary shares, comprising 5,768,000 American Depositary Shares at a price of $13.50 per ADS and 1,255,001 ordinary shares at a price of £1.32 per ordinary share, for aggregate proceeds of approximately $80.0 million before deducting underwriting discounts and commissions. Each ADS offered represents eight ordinary shares of Verona Pharma. The ADSs are being offered in a registered public offering in the United States and the ordinary shares are being offered in a concurrent private placement in Europe and other countries outside of the United States and Canada.
In addition, Verona Pharma has granted the underwriters a 30-day option to purchase up to an additional 865,200 ADSs on the same terms and conditions.
Jefferies and Stifel are acting as joint book-running managers for the Global Offering. Wedbush PacGrow and SunTrust Robinson Humphrey are acting as co-managers.
