In a sign of weak demand, Jazz Pharmaceuticals priced its offering of 6 million shares at $18, a 28% discount to its initially proposed $24-$26 range, which had been cut to $20-$21 earlier on Thursday. Jazz acquired two already approved drugs for the treatment of narcolepsy and ethylene glycol and methanol poisonings from Orphan Medical in 2005 and has drug candidates for the treatment of obsessive compulsive disorder, social anxiety disorder, fibromyalgia syndrome, epilepsy, restless legs syndrome and panic attacks in various stages of clinical development. Morgan Stanley and Lehman Brothers acted as joint book-running managers for the offering, and the stock is expected to commence trading on the NASDAQ under the ticker symbol "JAZZ" on Friday.
