Sarepta Therapeutics Announces Pricing of $325 Million Public Offering of Common Stock
July 24 2017 - 8:00PM
Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a U.S. commercial-stage
biopharmaceutical company focused on the discovery and development
of unique RNA-targeted therapeutics for the treatment of rare
neuromuscular diseases, today announced that it has priced an
underwritten public offering of an aggregate of 7.65 million shares
of its common stock at a price to the public of $42.50 per share.
In addition, Sarepta has granted the underwriters a 30-day option
to purchase up to approximately 1.15 million additional shares of
its common stock on the same terms and conditions as the initial
shares sold to the underwriters. Sarepta anticipates the gross
proceeds from the offering, before deducting the underwriter
discounts and commissions and other offering expenses, to be
approximately $325 million, excluding any exercise of the
underwriters’ option to purchase additional shares. The offering is
expected to close on or about July 27, 2017, subject to customary
closing conditions.
Goldman Sachs and Co. LLC and J.P. Morgan
Securities LLC are acting as joint book-running managers of the
proposed offering. Credit Suisse Securities (USA) LLC is also
acting as a joint book-runner. Robert W. Baird & Co.
Incorporated, Nomura Securities International, Inc. and William
Blair & Company, L.L.C. are acting as co-managers.
Sarepta intends to use the net proceeds from the
offering principally for the continuation and initiation of further
clinical trials, commercialization, manufacturing, business
development activities including the potential licensing or
acquisition of complementary products and technologies and other
general corporate purposes.
The shares are being offered by Sarepta pursuant to an 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 has
been filed with the SEC and is available on the SEC’s website at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to this offering, when available,
may be obtained from the offices of Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, or by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email
at prospectus-eq_fi@jpmchase.com. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any securities of Sarepta, nor shall there be any sale of
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Sarepta TherapeuticsSarepta
Therapeutics is a U.S. commercial-stage biopharmaceutical company
focused on the discovery and development of unique RNA-targeted
therapeutics for the treatment of rare neuromuscular diseases. The
Company is primarily focused on rapidly advancing the development
of its potentially disease-modifying Duchenne muscular dystrophy
(DMD) drug candidates.
Forward-Looking StatementsThis press release
contains statements that are forward-looking, including the
statements about the completion, timing and size of the proposed
public offering of Sarepta’s common stock, the expected net
proceeds from the offering and Sarepta’s expected use of the net
proceeds from this offering, within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements involve
risks and uncertainties, many of which are beyond Sarepta’s
control, including risk and uncertainties related to market
conditions and satisfaction of customary closing conditions related
to the proposed public offering. There can be no assurance that
Sarepta will be able to complete the public offering on the
anticipated terms, or at all. Applicable risks also include those
that are included in the “Risk Factors” section of Sarepta’s Annual
Report on Form 10-K for the year ended December 31, 2016, and any
subsequent SEC filings, including the final prospectus supplement
related to the proposed offering to be filed with the SEC. Any
forward-looking statement in this press release represents
Sarepta’s views only as of the date of this press release and
should not be relied upon as representing its views as of any
subsequent date. Sarepta does not undertake any obligation to
publicly update its forward-looking statements based on events or
circumstances after the date hereof, except as required by
applicable law.
Source: Sarepta Therapeutics, Inc.
Media and Investors:
Sarepta Therapeutics, Inc.
Ian Estepan, 617-274-4052
iestepan@sarepta.com
or
W2O Group
Brian Reid, 212-257-6725
breid@w2ogroup.com
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