GW Pharmaceuticals keen on $150m US offering

Developer of cannabinoid therapies GW Pharmaceuticals announced on Wednesday that it intends to sell, subject to market and other conditions, $150m of American Depositary Shares representing ordinary shares of GW on the NASDAQ Global Market, in an underwritten US public offering.

The AIM-traded firm said it expects to grant the underwriters a 30-day option to purchase up to an additional $22.5m of shares at the offering price.

“There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” GW’s board cautioned in a statement.

“The price for the offering has not yet been determined.”