Arrowhead Research Prices Offering Of 5.50 Mln Shares At $18.95/shr

(RTTNews) - Arrowhead Research Corp. (ARWR), a biopharmaceutical company developing targeted RNAi therapeutics, announced that it has priced an underwritten offering of 5.50 million shares of its common stock, offered at a price of $18.95 per share.

The offering is expected to close on or about February 24, 2014, subject to customary closing conditions.

In addition, Arrowhead has granted the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock.

Jefferies LLC, Barclays Capital Inc. and Deutsche Bank Securities are acting as joint book-runners for the offering. Piper Jaffray & Co. is acting as lead manager for the offering and Trout Capital acted as a financial advisor to the Company.

Gross offering proceeds will be approximately $104 million, before deducting customary underwriting discounts and commissions and offering expenses.

The company plans to use the net proceeds from this offering for general corporate purposes, including working capital, capital expenditures, research and development expenditures and clinical trial expenditures. A portion of the net proceeds may also be used for the acquisition of complementary businesses, products and technologies, or for other strategic purposes.