Recro Pharma (REPH) Prices 13.33M Share Offering at $2.25/Sh

Recro Pharma, Inc. (NASDAQ: REPH), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges for companies developing oral solid dose drug products, today announced the pricing of its public offering of 13,333,333 shares of its common stock at a price to the public of $2.25 per share. Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $30.0 million. In addition, Recro has granted the underwriters a 30-day option to purchase up to 1,999,999 additional shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about May 14, 2021, subject to satisfaction of customary closing conditions.

Recro intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of a portion of outstanding debt and future acquisitions. Recro does not have immediate arrangements, commitments or understandings regarding any future acquisitions.

William Blair & Company, L.L.C. is acting as sole book-running manager for the offering and Craig-Hallum Capital Group is acting as co-manager for the offering.

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