Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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Investment bankers love a new corporate structure. Once established, the newly structured company can provide a proxy for value creation, pressuring others with similar assets to contemplate the transformation.
Omeros, a biotech readying for the commercial launch of its first drug, went to extra lengths to protect the identity of its investors on a US$75m equity-linked financing. The overnight sale Wednesday, which was led by Cowen on a sole-books basis, comprised 3m shares at US$20.03 (US$60m) and 750,000 pre-funded, seven-year warrants at a price of US$20.02 (US$15m).
Plenty of ink has been spilled over the sustainability of low oil prices. Barclays Capital weighed in on Wednesday, downgrading large and mid-cap US explorers on the view that investors have been slow to price in lower crude prices.