RedHill [NASDAQ: RDHL] To Secure $35M From Previously Declared Bought Deal

RedHill Biopharma Ltd. [NASDAQ: RDHL] declared Tuesday that the underwriter has increased the size of the earlier revealed public offering of 4,375,000 ADSs of the firm. The firm has set the price of $8.00 per ADS, minus underwriting markdowns and expenses. The underwriter took the decision to increase the offering because of the increasing demand.

Furthermore, each ADS demonstrates ten ordinary shares, par value NIS 0.01 per share, of the firm. The offering will be finalized is on or about March 4, 2021, dependent on the fulfillment of traditional closing requirements. The acting manager of the offering is H.C. Wainwright & Co.

RedHill Biopharma Ltd. [NASDAQ: RDHL] last closed at $7.85 during the trading session of Monday, in a 52-week range of $3.26 to $11.52. RDHL share went up 182.95% from its 52-week low and plunged -19.88% from its 52-week high. RedHill has a total market capitalization of 401.69 million at the time of writing.

Additionally, RDHL revealed it has also provided the chance to the underwriter a 30-day option to buy up to an extra 656,250 ADSs at the public offering price, minus underwriting markdowns and expenses. The firm is anticipating the profit from the offering of $35 million before subtracting the concessions and expenses. The firm is planning to utilize the net profit from this offering to fiancé its clinical development programs, marketing activities, and for buying and other general business objectives’ fulfillment.