Hogan Lovells Advises VIVUS on $200 Million Follow-On Public Offering
09 March 2012
SILICON VALLEY, 9 March 2012 – Hogan Lovells announced today that it represented biopharmaceutical company VIVUS, Inc. (Nasdaq: VVUS) on its US$200 million follow-on public stock offering, which closed on 6 March.
On 29 February, VIVUS announced the pricing of an underwritten public offering of 9,000,000 shares of its common stock (plus an over-allotment option to purchase 1,350,000) at a price to the public of US$22.50 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses, are expected to be approximately US$202.5 million.
“We are pleased to have provided legal counsel to VIVUS on one of the largest life sciences public stock offerings so far this year,” said Hogan Lovells partner Jon Layman.
“This offering comes at an important time for VIVUS,” said Hogan Lovells partner Laura Berezin. “It is significant both as a sign of strength within the life sciences industry in the Bay Area and in the broader U.S. pharmaceutical industry.”
On 22 February, the U.S. Food and Drug Administration Endocrinologic and Metabolic Drugs Advisory Committee panel overwhelmingly recommended approval of client VIVUS’s weight-loss drug candidate, Qnexa.
The team of Hogan Lovells lawyers advising VIVUS on the offering included Silicon Valley partners Jon Layman and Laura Berezin and Washington, D.C. associate Jaime Chase.