BUZZ-Cardiome Pharma: Worst day in over 4 years, stock deal comes at deep discount

Tue Jul 26, 2016 10:50am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

** U.S.-listed shares of Cardiome Pharma Corp fall 43 pct, in line with pricing of co's public follow-on; among worst Nasdaq performers

** CRME on track for biggest pct drop since Mar 2012; trades over 2.4 mln shares, more than 100x avg 30-day volumes

** Vancouver-based specialty pharma co offers 10 mln shares at $3.00 vs Monday's $5.30 close

** Cardiome intends to use net proceeds for in-licensing of its drug dalbavancin, used to treat skin infections, including upfront licensing fee pursuant to exclusive agreement with Allergan plc

** Deal represents half of Cardiome's 20,375,819 common shares outstanding, according to prospectus

** Today's decline brings CRME's YTD losses to 63 pct