Avanir Pharmaceuticals closes public offering of 20,930,000 shares of common stock

Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today announced the closing of its previously announced public offering of 20,930,000 shares of its common stock, including 2,730,000 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares, at a price to the public of $11.00 per share, before underwriting discounts. J.P. Morgan, Deutsche Bank Securities and BofA Merrill Lynch acted as joint book-running managers for the offering. Piper Jaffray and JMP Securities acted as co-managers for the offering.

Gross proceeds from the offering are $230,230,000 before deducting underwriting discounts and estimated offering expenses payable by Avanir. Avanir intends to use the net proceeds from the public offering for general corporate purposes, which include, but are not limited to, funding NUEDEXTA commercial activities, funding our ongoing and future clinical trials, funding the commercial launch of AVP-825, if approved, and for general and administrative expenses. We may also use a portion of the net proceeds to pay off outstanding indebtedness and/or acquire or invest in complementary businesses, products and technologies or to fund the development of any such complementary businesses, products or technologies that we may acquire in a stock-based acquisition.

A shelf registration statement relating to the shares of common stock to be issued in the offering has been filed with the Securities and Exchange Commission (the "SEC") and became automatically effective on September 22, 2014. The specific terms of the offering are described in a prospectus supplement filed with the SEC in connection with the offering. The offering was conducted only by means of the prospectus supplement and accompanying prospectus, copies of which may be obtained at the SEC's website at www.sec.gov, or by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: (866) 803-9204; Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, NY 10005-2836, e-mail: [email protected], phone: (800) 503-4611; or BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, email: [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

​SOURCE Avanir Pharmaceuticals, Inc.