Skip to main content

NEW YORK (TheStreet) -- Horizon Pharma (HZNP) - Get Horizon Therapeutics Public Limited Company Report shares continue to climb in after-hours trading today, up 0.65% to $31.17, after the biopharmaceutical company announced the pricing of its underwritten public offering of 15,350,000 of its ordinary shares at $28.25 per share.

The Dublin, Ireland-based company expects to proceeds from the offering, which is expected to close April 21, to be approximately $413.1 million. Underwriters will have an additional 30 days to purchase up to 2,302,500 ordinary shares.

Citigroup (C) - Get Citigroup Inc. Report, Jefferies (JEF) - Get Jefferies Financial Group Inc. Report, Cowen and Company (COWN) - Get Cowen Inc Class A Report, and Morgan Stanley (MS) - Get Morgan Stanley Report are acting as joint book-running managers for this offering.

The stock rose on heavy volume in intraday trading following the announcement, with shares closing trading up 4.98% to $30.97.

Last Friday Horizon, which specializes in manufacturing and marketing treatments that address unmet medical needs, announced that its ACTIMMUNE treatment for a degenerative neuro-muscular disorder known as Friedreich's ataxia (FA) received fast track designation from the FDA. Shares spiked 4% following the announcement.

"We commend the FDA for granting Fast Track designation for ACTIMMUNE in Friedreich's ataxia to potentially help treat patients suffering from this debilitating disorder, for which there are no FDA approved treatments available. We look forward to continuing our ongoing clinical development program as we evaluate ACTIMMUNE in this patient population," said CEO Timothy P. Walbert.

Separately, TheStreet Ratings team rates HORIZON PHARMA PLC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

"We rate HORIZON PHARMA PLC (HZNP) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its poor profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

Image placeholder title

HZNP

data by

YCharts

Must Read:Warren Buffett's Top 25 Stocks for 2015