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Underwriters for Verona Pharma offering further exercise overallotment option

Underwriters for Verona Pharma PLC's global offering of American depositary shares, or ADS, and ordinary shares further exercised their overallotment option, and will buy an additional 41,353 ADS at $13.50 apiece.

The company will raise an additional $600,000 in gross proceeds from the further exercise of the option, for total gross proceeds of about $89.9 million. After the closing of the further exercise of the overallotment option, which is expected May 26, Verona Pharma will have sold 6,501,738 ADS.

Jefferies and Stifel acted as joint book-running managers for the global offering with Wedbush PacGrow and SunTrust Robinson Humphrey acting as co-managers.