On Tuesday, Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT), lost -5.40% to $32.94.
Sarepta Therapeutics, declared the closing of its formerly declared underwritten public offering of an aggregate of 3,250,000 shares of its common stock at a price to the public of $39.00 per share. The gross proceeds from the offering, before deducting the underwriter discounts and commissions and other offering expenses, were about $127 million. In addition, Sarepta has granted the underwriters a 30-day option to purchase up to an additional 487,500 shares of common stock on the same terms and conditions as the initial shares sold to the underwriters.
Credit Suisse and Morgan Stanley acted as joint book-running managers for the offering. In addition, Baird, William Blair, Needham & Company, Oppenheimer & Co. and Roth Capital Partners acted as co-managers for the offering.
Sarepta intends to use the net proceeds from the offering principally for product and commercial development, manufacturing, any business development activities and for general corporate purposes.
Sarepta Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery and development of RNA-based therapeutics for the treatment of rare, infectious, and other diseases. Its lead product candidate is Eteplirsen, an antisense phosphorodiamidate morpholino oligomer therapeutic, which is in Phase III clinical development stage for the treatment of individuals with Duchenne muscular dystrophy (DMD), a rare genetic muscle-wasting disease caused by the absence of dystrophin.
Shares of Axalta Coating Systems Ltd (NYSE:AXTA), declined -1.11% to $26.64, during its last trading session.
Axalta Coating Systems, will enable the company to double production capacity and construct an automotive OEM coatings development laboratory at its operations center in Savli in Gujarat State. The added capacity will enable Axalta to meet the need for additional coatings among light vehicle automotive original equipment manufacturers (OEMs) in India. The Savli facility will continue to manufacture coatings for Axalta’s refinish, automotive parts and commercial vehicle customers.
The project, which is planned to be commissioned in the third quarter of 2017, will be able to expand production capacity of both high and low temperature bake coatings. Low temperature bake coatings are needed for use on the latest lightweight plastic and composite materials - used in vehicles to reduce weight and fuel consumption - because they cannot withstand traditional high bake temperature curing ovens. Axalta’s technology-backed products comprise primers, basecoats, and clearcoats used in the full line of Axalta’s solventborne products for different substrate and process requirements. These products comprise Axalta’s higher productivity and more environmentally responsible high solids, high solids 3-Wet, and high solids monocoat technologies. Formulated to reduce volatile organic compound (VOC) emissions, high solids coatings can assist reduce the environmental impact of coatings while providing superior finishes and improved OEM productivity. The facility will also be designed to scale up to produce waterborne coatings when customers elect to convert.
Axalta Coating Systems Ltd., through its auxiliaries, manufactures, markets, and distributes high performance coatings products primarily for the transportation industry. It operates through two segments, Performance Coatings and Transportation Coatings.
Finally, Parker-Hannifin Corp (NYSE:PH), ended its last trade with -2.61% loss, and closed at $103.56.
Parker Hannifin Corporation, declared that it will release its fiscal 2016 first quarter earnings before the market opens on Thursday, October 22, 2015, followed by a conference call at 10:00 a.m., Eastern time. During the call, the company will discuss fiscal 2016 first quarter financial performance and respond to questions from institutional investors and security analysts. The conference call will be webcast simultaneously on Parker’s investor information website at www.phstock.com, with an accompanying slide presentation. The call also will be archived on the site and available for replay later that day.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems.
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