Brazil Pharma Prices FO

Brazil Pharma has priced a BRL553m ($268m) equity follow-on, landing at a 2.6% discount. The retail pharmaceutical company sold 52.8m primary shares, and 7.0m secondary shares at BRL9.25 each, including the exercise of a 15% greenshoe. This level compares to Thursday’s 9.50 closing price, which had lost 0.52% Thursday, in a session when the Bovespa plummeted nearly 3.0%. Half of the primary proceeds are going to strengthening the issuer’s capital structure, 40% to new acquisitions, and the remainder to making improvements to existing operations. The secondary portion featured shares sold by the Silveira family. BTG Pactual, Bradesco and Citi managed the sale.