On December 14, 2006, Cangene Corporation, one of Canada's largest biopharmaceutical companies, completed an offering of 10,000,000 common shares, consisting of 4,375,000 common shares issued from treasury and 5,625,000 common shares sold by Sherman Foundation, a charitable foundation related to the Apotex Group. The common shares were sold on a bought deal basis to a syndicate of underwriters led by GMP Securities L.P. and including TD Securities Inc., Scotia Capital Inc. and Sprott Securities Inc. at a price of $8.10 per share. The offering was made pursuant to a short-form prospectus of Cangene Corporation in Canada and pursuant to a private placement in the U.S. The net proceeds of the offering were used to repay indebtedness and for general corporate purposes, including working capital. The underwriters were represented by Fasken Martineau, with a team that included Rubin Rapuch, John Sabetti, Krisztian Toth, Karoline Kralka and Amanda Field.