BETHLEHEM, Pa., (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (Nasdaq: OSUR) announced the pricing of an underwritten offering of 8,000,000 shares of its common stock at a price of $11.00 per share. After the underwriting discount and estimated offering expenses, OraSure expects to receive net proceeds of approximately $82.48 million. In addition, OraSure has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 of shares of its common stock. The offering is expected to close on June 5, 2020, subject to customary closing conditions. J.P. Morgan Securities LLC, Citigroup and Evercore Group L.L.C. are acting as joint book-running managers of the offering and as representatives of the underwriters. UBS Investment Bank and Raymond James & Associates, Inc. are acting as co-managers of the offering.
The Company intends to use the net proceeds from this offering to expand its manufacturing capacity for both existing and in-development products for use in testing for COVID-19, to fund potential acquisitions of new businesses, technologies or products, to fund the development, commercialization and manufacturing costs related to its products and for general corporate purposes.
About OraSure Technologies
OraSure Technologies empowers the global community to improve health and wellness by providing access to accurate essential information. Together with its wholly-owned subsidiaries DNA Genotek, Diversigen, CoreBiome (now operating under the Diversigen brand) and Novosanis, OraSure provides its customers with end-to-end solutions that encompass tools, services and diagnostics. The OraSure family of companies is a leader in the development, manufacture and distribution of rapid diagnostic tests, sample collection and stabilization devices, and molecular product and services solutions designed to discover and detect critical medical conditions. OraSure’s portfolio of products is sold globally to clinical laboratories, hospitals, physician’s offices, clinics, public health and community-based organizations, research institutions, distributors, government agencies, pharma, commercial entities and direct to consumers.
