Labopharm Completes Cross-border Public Offering

On May 3, 2006, Labopharm Inc., an international specialty pharmaceutical company focused on improving existing drugs incorporating Contramid, the company's proprietary advanced controlled-release technology, completed a public offering of 12,650,000 common shares at a price of $8.99 (US$8) per share for total estimated gross proceeds to the company of $113.7 million (US$101.2 million). The offering, which was made in Canada and in the US under the multijurisdictional disclosure system, was Labopharm's initial public offering in the US. The company's common shares are now listed both on the TSX and on NASDAQ.
The public offering was co-led by Merrill Lynch & Co. and Banc of America Securities LLC as joint book-runners and the underwriting syndicate also included Canaccord Capital Corporation, Leerink Swann & Company, Orion Securities Inc., Dundee Securities Corporation and Westwind Partners Inc.
Labopharm was represented in-house by Lynda Covello, general counsel and corporate secretary, and in Canada by Fasken Martineau DuMoulin LLP with a team that included Louis-François Hogue, Frédéric Boucher, Marie-Josée Vincelli, Alexis Steinman and Lucie Dufour (IP), and Gilles Carli (tax); Julie Gauvreau (IP) from Goudreau Gage Dubuc; and in the US by Goodwin Procter LLP with a team that included Lawrence Wittenberg, Michael Bison, W. Matthew Rowe, Jonathan Olsson, Duncan Greenhalgh and Nick Triano (IP) and William Whitledge and Anna Kuznetsova (tax).
The underwriters were represented in Canada by McCarthy Tétrault LLP with a team that included Clemens Mayr, Karl Tabbakh, Nathalie Forcier, Olivier Kaade, François Dupuis, Véronique Wattiez-Larose and Anita Nador (IP) and Timothé Huot (tax); and in the US by Wilmer Cutler Pickering Hale and Dorr LLP with a team that included David Redlick, Stuart Falber, Stephanie Evans, Jennifer Berrent and Michael Twomey (IP) and William Benjamin (tax).