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Recro Pharma prices common stock offering

Recro Pharma Inc. priced its underwritten public offering of 6.5 million common shares at $6 per share.

The company granted the underwriters an option to buy up to 975,000 additional shares at the public offering price, less the underwriting discount.

Recro expects the offering to generate net proceeds of about $35.9 million, after deducting underwriting discounts and commissions and estimated offering expenses. It plans to use the proceeds to fund its new drug application filing, regulatory approval process and preparatory commercial activities for IV meloxicam, its planned IV meloxicam phase IIIB program, and for general corporate purposes.

The offering is expected to close Dec. 16, subject to the satisfaction of customary closing conditions.

Piper Jaffray & Co. is acting as sole book-running manager and representative of the underwriters for the offering, with Janney Montgomery Scott and ROTH Capital Partners as co-managers.