Collegium Pharma falls after convertible debt deal launch

Collegium Pharmaceutical

07/02/2023 14:25

** Collegium Pharmaceutical Inc's  COLL.O  shares down 6.3%
at $26 before the bell as co looks to raise capital
    ** Pain management specialist late Mon announced private
offering of $175 mln convertible bonds (CBs) due 2029
 urn:newsml:reuters.com:*:nGNX4Pdbxb
    ** Co to use net offering proceeds to repurchase portion of
its $143.75 mln principal 2.625% CBs due 2026, which have
conversion price of $29.19
    ** COLL has ~$932 mln market cap, per Refinitiv
    ** Late Mon, co said it expects Q4 rev of $125.7-$128.2 mln,
topping Refinitiv consensus of $123.2 mln  urn:newsml:reuters.com:*:nTUABBPXGK
    ** Shares up ~20% YTD and have risen ~53% over the past 12
months
    ** Avg rating among 6 analysts is "buy" and median PT is $35
- Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))