How Will Public Offering Pricing Affect Avanir Pharmaceuticals (AVNR) Stock Today?

NEW YORK (TheStreet) -- Shares of Avanir Pharmaceuticals  (AVNR) rose 2.92% to $11.64 in morning trading Wednesday after the company priced its public offering of common stock.

Avanir priced 18.2 million shares at $11 a share. The offering, which Avanir expects to close on or around September 29, contains a 30-day option for underwriters to purchase up to an addition 2.73 million shares.

The company expects gross proceeds of $200.2 million from the offering. Avanir plans to use net proceeds to help fund NUEDEXTA commercial activities and the commercial launch of AVP-825 and for other general corporate purposes.

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More than 6.7 million shares had changed hands as of 10:07 a.m., compared to the average volume of 4,523,190.

AVNR Chart AVNR data by YCharts

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