Sage Therapeutics Announces Pricing of Public Offering of Common Stock
September 08 2016 - 08:51PM
Business Wire
Sage Therapeutics (NASDAQ: SAGE), a clinical-stage
biopharmaceutical company developing novel medicines to treat
life-altering central nervous system (CNS) disorders, today
announced the pricing of an underwritten public offering of
4,402,515 shares of its common stock at a public offering price of
$39.75 per share, before underwriting discounts. In addition,
Sage has granted the underwriters a 30-day option to purchase up to
an additional 660,377 shares of its common stock.
J.P. Morgan Securities LLC and Goldman, Sachs & Co. are
acting as joint book-running managers for the offering. Cowen and
Company, LLC and Leerink Partners LLC are serving as lead managers.
Canaccord Genuity Inc. and William Blair & Company, L.L.C. are
serving as co-managers. The offering is expected to close on
September 14, 2016, subject to customary closing conditions.
Sage anticipates the total gross proceeds from the offering
(before deducting underwriters' discounts and commissions and
estimated offering expenses) will be approximately $175.0 million,
excluding any exercise of the underwriters' option to purchase
additional shares.
The shares are being offered by Sage pursuant to an
automatically effective shelf registration statement that was
previously filed with the Securities and Exchange Commission (SEC).
A preliminary prospectus supplement relating to and describing the
terms of the offering was filed with the SEC on September 7, 2016.
The final prospectus supplement relating to the offering will be
filed with the SEC and will be available on the SEC's web site at
www.sec.gov.
When available, copies of the final prospectus supplement and
the accompanying prospectus relating to these securities may also
be obtained by contacting one of the following: J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, telephone: 866-803-9204;
or Goldman, Sachs, & Co., Attn: Prospectus Department, 200 West
Street, New York, New York 10282, telephone: 866-471-2526,
facsimile: 212-902-9316, e-mail: prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or
jurisdiction.
About Sage TherapeuticsSage Therapeutics is a
clinical-stage biopharmaceutical company committed to developing
novel medicines to transform the lives of patients with
life-altering central nervous system (CNS) disorders. Sage has a
portfolio of novel product candidates targeting critical CNS
receptor systems, GABA and NMDA. Sage's lead program, SAGE-547, is
in Phase 3 clinical development for super-refractory status
epilepticus, a rare and severe seizure disorder, and is being
developed for postpartum depression. Sage is developing its next
generation modulators, including SAGE-217, SAGE-689 and SAGE-718,
with a focus on acute and chronic CNS disorders.
Forward-Looking StatementsVarious statements in this
release concerning Sage's future expectations, plans and prospects,
including without limitation, Sage's expectations regarding the
closing of the public offering of its common stock, and Sage's
development plans for its product candidates and other development
activities, constitute forward-looking statements for the purposes
of the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
neither promises nor guarantees of future performance, and are
subject to a variety of risks and uncertainties, many of which are
beyond Sage's control, which could cause actual results to
differ materially from those indicated by these forward-looking
statements, including, without limitation: the uncertainties
related to market conditions and Sage's ability to complete the
public offering on accepted terms or at all; the risk that Sage may
not be able to satisfy the customary closing conditions
related to the proposed offering; the potential that future
pre-clinical and clinical results may not support further
development of Sage's product candidates or that Sage may not
be able to successfully demonstrate the efficacy and safety of its
product candidates at each stage of development in a manner
sufficient to obtain approval; the risk that actions or decisions
of regulatory agencies may affect the initiation, timing and
progress of clinical trials; the potential for unexpected adverse
events in the conduct of one of Sage's clinical trials to impact
its ability to continue the clinical trial or further development
of a product candidate; the risk that Sage may encounter other
unexpected hurdles or issues in the development and manufacture of
its product candidates that may impact its timing or progress, as
well as those risks more fully discussed in the section entitled
"Risk Factors" in Sage's most recent quarterly report on Form 10-Q,
as well as discussions of potential risks, uncertainties, and other
important factors in Sage's subsequent filings with
the Securities and Exchange Commission. In addition, any
forward-looking statements represent Sage's views only as of today
and should not be relied upon as representing its views as of any
subsequent date. Sage explicitly disclaims any obligation to update
any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160908006785/en/
Investor Contact:Sage TherapeuticsPaul Cox,
617-299-8377paul.cox@sagerx.comorMedia Contact:Suda Communications
LLCMaureen L. Suda, 585-387-9248maureen.suda@sagerx.com
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