Lantheus prices IPO below range

Lantheus Medical Imaging said yesterday it priced its initial public offering at $6.00 per share, below its previously announced range, for total proceeds of $65 million.

The company is offering 10.8 million shares, with an underwriters over-allotment option of another 1.4 million, the North Billerica, Mass.-based company said.

Credit Suisse Securities, Jefferies, RBC Capital Markets and Wells Fargo Securities are book-runners for the offering, with Robert W. Baird & Co acting as co-manager.

Lantheus Holdings, which makes imaging agents and other diagnostic products, plans to list on the NASDAQ under the symbol LNTH.

Earlier this month, Lantheus said it hoped to bring in $75 million with the offering. The company said it planned to float nearly 7.9 million shares at a price range of $8.50 to $10.50, with an underwriter’s option for an over-allotment worth another 1.2 million shares.

Last year the company said it planned to price the offering at $12 to $15 per share, for a range of $111.1 million to $138.9 million. At the midpoint of that range, Lantheus would have commanded a fully diluted market capitalization of $370 million. But the company tabled the proposed flotation in July.

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