Jazz Pharmaceuticals Announces $26.0 Million Registered Direc...( PALO ALTO Calif. July 16 /- JazzP...)

PALO ALTO, Calif., July 16 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) announced today that it has entered into definitive agreements with selected investors to sell 3,848,289 units (the "Units"), with each Unit consisting of (i) one share of the Company's common stock, par value $0.0001 per share ("Common Stock") and (ii) a warrant to purchase 0.45 of a share of Common Stock for gross proceeds of approximately $26.0 million, before deducting placement agents' fees and estimated offering expenses, in a "registered direct" offering. The Company's costs in connection with the offering are expected to be approximately $1.5 million. The investors have agreed to purchase the Units at a purchase price of $6.75625 per Unit. The warrants, which represent the right to acquire an aggregate of up to 1,731,724 shares of Common Stock, have a six year term from the date of issuance, are exercisable beginning six months after the date of issuance and will be exercisable at a price of $7.37 per share, which was 110% of the closing consolidated bid price of Jazz Pharmaceuticals' shares on the Nasdaq Global Market on July 15, 2008. The transaction is expected to close on or about July 21, 2008, subject to satisfaction of customary closing conditions. Lazard Capital Markets LLC served as lead placement agent and Leerink Swann LLC served as co-placement agent for the offering.

Jazz Pharmaceuticals intends to use the net proceeds from this offering primarily to fund commercial activities in support of Once Daily LUVOX(R) CR (fluvoxamine maleate) Extended Release Capsules, approved by the FDA in February 2008 for the treatment of both obsessive compulsive disorder and social anxiety disorder, to complete the Phase III clinical st
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