Cardiome Pharma makes $84M offering

Canada's Cardiome Pharma has priced its public offering of 8.0 million common shares in the USA and Canada at a price of $10.50 each, for a total of $84.0 million. Net proceeds from the offering are expected to be about $78.0 million. The company has granted the underwriters an option to purchase up to an additional 1.2 million shares at the offering price during the period ending 30 days from the closing of the offering to cover over-allotments, if any. If the over-allotment is exercised in full, net proceeds will be approximately $90.0 million.

Bear, Stearns & Co acted as book-running manager, while CIBC World Markets was co-lead manager and Canaccord Adams and Leerink Swann & Company co-managers for the offering.