GW Pharmaceuticals, which develops and commercializes cannabinoid-based therapeutics, raised $31 million by offering 3.5 million shares at $8.90. The offer price represents an 11% discount to the closing price of GW Pharma's AIM listing in London on March 18, the day before the IPO announcement. We note that the offer price also represents an 18% discount to the $10.79 price quoted at the IPO launch on April 18. GW Pharmaceuticals, which is listed on the AIM under the symbol GWP, will trade on the NASDAQ under the symbol GWPH. GW Pharmaceuticals initially filed confidentially on 12/14/2012. Lazard Capital Markets and Cowen & Company acted as lead managers on the deal.
