Avanir Pharmaceuticals Announces Pricing of Public Offering of Common Stock

ALISO VIEJO, Calif., Sept. 23, 2014 /PRNewswire/ --Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today announced the pricing of a public offering of 18,200,000 shares of its common stock in an underwritten public offering at a price to the public of $11.00 per share, before underwriting discounts. J.P. Morgan, Deutsche Bank Securities and BofA Merrill Lynch are acting as joint book-running managers for the offering. Piper Jaffray and JMP Securities are acting as co-managers for the offering. Avanir has granted the underwriters a 30-day option to purchase up to an additional 2,730,000 shares of its common stock in connection with the offering. All of the shares to be sold in the offering are being sold by Avanir. The offering is expected to close on or about September 29, 2014, subject to customary closing conditions.

Gross proceeds from the offering will be $200,200,000 before deducting underwriting discounts, estimated offering expenses payable by Avanir and assuming no exercise of the underwriters' option to purchase additional shares. Avanir intends to use the net proceeds from the underwritten offering for general corporate purposes, which include, but are not limited to, funding NUEDEXTA commercial activities, funding our ongoing and future clinical trials, funding the commercial launch of AVP-825, if approved, and for general and administrative expenses. We may also use a portion of the net proceeds to pay off outstanding indebtedness and/or acquire or invest in complementary businesses, products and technologies or to fund the development of any such complementary businesses, products or technologies that we may acquire in a stock-based acquisition.

A shelf registration statement relating to the shares of common stock to be issued in the offering has been filed with the Securities and Exchange Commission (the "SEC") and became automatically effective on September 22, 2014. The specific terms of the offering are described in a prospectus supplement filed with the SEC in connection with the offering. The offering is being conducted only by means of the prospectus supplement and accompanying prospectus, copies of which may be obtained (when available) at the SEC's website at www.sec.gov, or by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: (866) 803-9204; Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, NY 10005-2836, e-mail: prospectus.cpdg@db.com, phone: (800) 503-4611; or BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, email: dg.prospectus_requests@baml.com. 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Avanir Pharmaceuticals, Inc.

Avanir Pharmaceuticals, Inc. is a biopharmaceutical company focused on bringing innovative medicines to patients with central nervous system disorders of high unmet medical need. As part of our commitment, we have extensively invested in our pipeline and are dedicated to advancing medicines that can substantially improve the lives of patients and their loved ones.

AVANIR® is a trademark or registered trademark of Avanir Pharmaceuticals, Inc. in the United States and other countries.

©2014 Avanir Pharmaceuticals, Inc. All Rights Reserved.

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements regarding the anticipated public offering, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with market conditions and the completion of the public offering on the anticipated terms or at all, obtaining additional indications for commercially marketed products domestically and internationally, obtaining and maintaining regulatory approvals domestically and internationally, whether new drugs can be successfully commercialized, and other risks detailed from time to time in the Company's most recent Annual Report on Form 10-K and other documents subsequently filed with or furnished to the SEC. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.

Avanir Investor & Media Contact
Ian Clements, PhD
ir@avanir.com 
+1 (949) 389-6700

Avanir Pharmaceuticals, Inc.

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SOURCE Avanir Pharmaceuticals, Inc.