Cosmo places Santarus shares
14.05.2013 - Cosmo Pharmaceuticals' subsidiary Cosmo Technologies Ltd, has placed 4,250,000 Santarus shares in a secondary public offering to investors in the US.
After having placed 4,250,000 of its 7,878,544 Santarus shares to US investors, the sole bookrunner Jefferies LLC, exercised an option to purchase additional 637,500 Santarus shares at the same price.
The specialist for gastro-intestinal and skin disorders did not sell any shares and will not receive any proceeds from the offering. The transaction is expected to close on May 15, subject to satisfaction of customary closing conditions. The shares were originally purchased at an average price of € 1.77. Per year end 2012 each share was worth € 8.32.
Cosmo’s proprietary clinical development pipeline specifically addresses treatments for IBD, such as ulcerative colitis and Crohn’s disease, and colon infections. Additionally, the company is developing a diagnostic tool for the detection of colon cancer and a new drug for the topical treatment of Acne, Alopecia and Hirsutism. Cosmo’s first product on the market is Lialda®/Mezavant®/Mesavancol®, a treatment for mild to moderate ulcerative colitis that is licensed globally to Giuliani and Shire Limited. Cosmo’s second product is Uceris™/Cortiment™, a steroid with low side effects that is indicated for ulcerative colitis patients that do not get relief when treated with 5-ASA’s, and which is licensed globally to Santarus and Ferring.
Cosmo’s proprietary MMX® technology is at the core of the company’s product pipeline and was developed through its expertise in formulating and manufacturing gastrointestinal drugs for international clients at its GMP (facilities in Lainate, Italy. The technology of the young company is designed to targeted delivery of active ingredients in the intestines.