Cooley LLP advised Anacor Pharmaceuticals, Inc. (NASDAQ: ANAC) in the completion of its initial public offering of 12,000,000 shares of its common stock at a price of $5.00 per share. In addition, Anacor has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of its common stock at the initial public offering price, less the underwriting discount, to cover over-allotments, if any.
Concurrent with the completion of the initial public offering, Anacor completed a private placement of 2,000,000 shares of common stock, at a price of $5.00 per share, to affiliates of an existing investor in Anacor. Cooley advised Anacor in this placement as well.
The gross proceeds, before expenses, from the sale of shares in the initial public offering and the concurrent private placement are $70.0 million, and the net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses, are $64.2 million. These amounts exclude any potential proceeds from the underwriters’ over-allotment option, which may be exercised by the underwriters on or prior to December 23, 2010.
Citi and Deutsche Bank Securities Inc. acted as joint book-running managers for the initial public offering, and Cowen and Company, LLC and Wedbush PacGrow Life Sciences acted as co-managers for the initial public offering.
