Enzo Biochem in $46M offering

New York, USA-based Enzo Biochem says that it has entered into definitive purchase agreements with selected institutional investors to buy $46.0 million of its common stock in a registered direct offering.

Under the terms of this accord, Enzo will sell 3,285,715 shares at a price of $14.00 each. The net proceeds following the payment of expenses is expected to be around $43.1 million.

The sale of these shares is being made under Enzo's shelf registration statement declared effective by the Securities and Exchange Commission on December 8. The closing of the transaction is expected to occur on December 20, subject to the satisfaction of customary closing conditions.