TESARO Announces Pricing of Public Offering of Common Stock
November 15 2016 - 9:30AM
TESARO, Inc. (Nasdaq:TSRO) announced today that it has priced an
underwritten public offering of an aggregate of 1,750,000 shares of
its common stock at an offering price to the public of $135.00 per
share. The gross proceeds from the offering will be approximately
$236.3 million. In addition, TESARO has granted the underwriters an
option to purchase up to an additional 262,500 shares of its common
stock. TESARO estimates that the net proceeds from the offering
will be approximately $224.1 million after deducting the
underwriting discount and other offering expenses payable by
TESARO, but excluding any exercise of the underwriters’
option.
The offering is expected to close on or about
November 18, 2016, subject to customary closing conditions.
Citigroup, Leerink Partners, Credit Suisse and Wells Fargo
Securities are acting as bookrunners, and Baird, FBR, Guggenheim
Securities, Raymond James, SunTrust Robinson Humphrey, and Wedbush
PacGrow are acting as co-managers for the offering.
The shares described above will be issued by
TESARO pursuant to its automatic shelf registration statement on
Form S-3 filed with the Securities and Exchange Commission (“SEC”)
on June 30, 2016. A preliminary prospectus supplement and related
prospectus related to the offering have been filed with the SEC and
are available on the SEC’s website located at
http://www.sec.gov. Copies of the preliminary prospectus
supplement and related prospectus relating to this offering may be
obtained from Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, via telephone at
1-800-831-9146 or from Leerink Partners LLC, Attention: Syndicate
Department, One Federal Street, 37th Floor, Boston, MA, 02110, via
telephone at 1-800-808-7525 (ext. 6142) or email at
syndicate@leerink.com.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, nor will there be
any sale of, these securities in any state or other 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 other jurisdiction.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which involve risks and uncertainties, including statements
regarding the proposed public offering. Various factors may cause
differences between TESARO’s expectations and actual results,
including risks and uncertainties associated with market conditions
and the satisfaction of customary closing conditions related to the
proposed offering. More information about potential factors that
could affect TESARO’s business and financial results is contained
in its annual report on Form 10-K, its quarterly reports on Form
10-Q and other filings with the SEC. TESARO does not intend, and
undertakes no duty, to update this information to reflect future
events or circumstances.
About TESAROTESARO is an
oncology-focused biopharmaceutical company devoted to providing
transformative therapies to people bravely facing cancer.
Investor/Media Contact
Jennifer Davis
Sr. Director, Corporate Development & Investor Relations
+1.781.325.1116 or jdavis@tesarobio.com
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