Jazz Pharmaceuticals Plc, maker of the narcolepsy medicine Xyrem, declined in New York trading after the company reported a public offering of 7.88 million shares by some stockholders.
Jazz dropped 5.1 percent to $48.72 at 4 p.m. The shares of the Dublin-based company have gained 80 percent in the last 12 months. The drugmaker also has offices in Palo Alto, California, and Philadelphia.
Barclays Plc and Citigroup Inc. are leading the offering, Jazz said yesterday in a statement. The company won’t receive any proceeds from the sale, and the total number of shares outstanding won’t change.