BOULDER, Colo., Sept. 27, 2016 /PRNewswire/ -- Array
BioPharma Inc. (Nasdaq: ARRY) announced today the pricing of an
underwritten public offering of 18,400,000 shares of its common
stock at a public offering price of $6.25 per share. The gross proceeds from the sale
of the shares, before underwriting discounts and commissions and
offering expenses, are expected to be approximately $115 million. The offering is expected to close
on or about October 3, 2016, subject
to customary closing conditions. Array also granted the
underwriters a 30-day option to purchase up to 2,760,000 additional
shares of common stock. All of the shares sold in the offering are
being sold by Array.
Array intends to use the net proceeds to fund research and
development efforts, including clinical trials for its proprietary
candidates, build and scale commercial capability, and for general
corporate purposes, including general working capital purposes.
J.P. Morgan Securities LLC and Cowen and Company, LLC are acting
as joint book-running managers for the offering. Stifel and
Wells Fargo Securities, LLC are acting as lead managers and
SunTrust Robinson Humphrey, Inc. is acting as co-manager.
The shares are being offered by Array pursuant to a shelf
registration statement that was previously filed with and declared
effective by the Securities and Exchange Commission (SEC). A
preliminary prospectus supplement relating to and describing the
terms of the offering has been filed with the SEC, and is available
on the SEC's website at www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus, and when available, copies of the final
prospectus supplement and the accompanying prospectus relating to
these securities may also be obtained by contacting J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, telephone: 866-803-9204, or Cowen and Company, LLC, c/o
Broadridge Financial Services, 1155 Long Island Avenue,
Edgewood, New York, 11717, Attn:
Prospectus Department, telephone: 631-274-2806.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on
the discovery, development and commercialization of targeted small
molecule drugs to treat patients afflicted with cancer. Five
registration studies are currently advancing related to three
cancer drugs. These programs include binimetinib (MEK162),
encorafenib (LGX818) and selumetinib (AstraZeneca).
Forward-Looking Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements about the completion, timing and size of
the proposed public offering and Array's intended use of proceeds.
These statements involve significant risks and uncertainties,
including those discussed in the preliminary prospectus supplement
related to the offering and in our most recent annual report filed
on Form 10-K, in our quarterly reports filed on Form 10-Q, and
other reports we have filed with the SEC. These factors
include, but are not limited to: the risk that the financing may be
delayed or may not occur due to market or other conditions and the
satisfaction of customary closing conditions related to the
proposed public offering. Because these statements reflect
our current expectations concerning future events, our actual
results could differ materially from those anticipated in these
forward-looking statements as a result of many factors. There can
be no assurance that Array BioPharma will be able to complete the
offering. We are providing this information as of
September 27, 2016. We undertake no
duty to update any forward-looking statements to reflect the
occurrence of events or circumstances after the date of such
statements or of anticipated or unanticipated events that alter any
assumptions underlying such statements.
CONTACTS:
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Tricia
Haugeto
|
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(303)
386-1193
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thaugeto@arraybiopharma.com
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SOURCE Array BioPharma Inc.