Shearman & Sterling advised the underwriters of Merit Medical Systems, Inc.’s follow-on primary public offering of 5,175,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 675,000 additional shares, at a public offering price of $28.25 per share. Merit expects to use the approximately $136.5 million in net proceeds from the offering to repay debt under its existing long-term credit facility.
BofA Merrill Lynch and Piper Jaffray acted as joint book-running managers and representatives of the underwriters. Wells Fargo Securities also acted as a joint book-running manager. Canaccord Genuity, Raymond James, and SunTrust Robinson Humphrey acted as co-managers.
Founded in 1987, Merit Medical Systems, Inc. (NASDAQ: MMSI) is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 280 individuals. Merit employs approximately 4,500 people worldwide with facilities in South Jordan, Utah; Pearland, Texas; Richmond, Virginia; Malvern, Pennsylvania; Rockland, Massachusetts; San Jose, California; Maastricht and Venlo, The Netherlands; Paris, France; Galway, Ireland; Beijing, China; Tijuana, Mexico; Joinville, Brazil; Markham, Ontario, Canada; Tokyo, Japan; Singapore; and Melbourne, Australia.
The Shearman & Sterling team was led by partners Ilir Mujalovic and Harald Halbhuber (both New York-Capital Markets) and associates Yoon-jee Kim (New York-Capital Markets) and Brian Hurd (New York-Corporate).
Other key members of the team included of counsel Dan Newcomb (New York-Litigation); partners Kristen Garry (Washington, DC-Tax), Daniel Lewis (New York-Litigation) and Doreen Lilienfeld (New York-Compensation, Governance & ERISA); counsel Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory) and Jeff Salinger (New York-Real Estate); and associates Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory), Marc Elzweig (Menlo Park-Intellectual Property Transactions), Eric Grosshandler (New York-Tax), Jeffrey D. Hoschander (New York-Litigation) and Benjamin Petersen (Menlo Park-Intellectual Property Transactions).