GW Pharmaceuticals to raise $300 million via stock offering

GW Pharmaceuticals to raise $300 million via stock offering

GW Pharmaceuticals PLC GWPH, -3.17% said late Monday that it plans to sell $300 million worth of American depositary shares. Shares in the company fell 1.6% after hours. GW is a U.K.-based pharmaceutical company that seeks to make products with cannabis. The underwriters have an option to buy $45 million more shares within 30 days. Goldman Sachs, Morgan Stanley, J.P. Morgan and Cowen and Company are acting as joint book-running managers for the offering. GW stock closed down 3.3% to $167.10 in Monday trading. GW stock has gained 27% this year as the S&P 500 index SPX, +0.36% rose 9.4%.

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