Adolor prices 5M share offering

US biopharmaceutical firm Adolor Corp says that it has priced a public offering of five million shares of its common stock at $25.00 per share. The net proceeds are expected to be around $117.0 million. The closing of the offering is expected to occur on February 22, subject to the satisfaction of customary closing conditions. Lehman Brothers is acting as the sole bookrunning manager in the offering. Pacific Growth Equities, Banc of America Securities and JP Morgan Securities are co-managers. Adolor has granted the underwriters an option to purchase up to an additional 750,000 shares within 30 days after the offering.

The company plans on using the net proceeds for general corporate purposes, which may include increasing its working capital, acquisitions, in-licensing of products or technologies and capital expenditures.