GW Pharmaceuticals plc Announces the Closing of Public Offering of ADSs Raising Gross Proceeds of $317.4 Million and Full Exe...
December 11 2017 - 5:19PM
GW Pharmaceuticals plc (Nasdaq:GWPH) ("GW" or the “Company”), a
biopharmaceutical company focused on discovering, developing and
commercializing novel therapeutics from its proprietary cannabinoid
product platform, announced today the closing of the previously
announced underwritten public offering on the Nasdaq Global Market
by GW of 2,400,000 American Depositary Shares (“ADSs”) and the full
exercise by the underwriters of their option to purchase 360,000
additional ADSs from GW at a price to the public of $115.00 per
ADS, raising gross proceeds of $317,400,000 (before deducting
underwriting discounts, commissions and offering expenses).
Goldman Sachs & Co. LLC, Morgan Stanley,
BofA Merrill Lynch and Cowen acted as joint book-running managers
for the offering.
The ADSs described above were offered by GW
pursuant to a shelf registration statement filed by GW with the
Securities and Exchange Commission (“SEC”) that became
automatically effective on April 17, 2017. A prospectus supplement
related to the offering has been filed with the SEC and is
available on the SEC’s website at http://www.sec.gov. Copies
of the prospectus supplement and the accompanying prospectus
relating to this offering may be obtained from Goldman Sachs &
Co. LLC, Attention: Prospectus Department, 200 West Street, New
York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316
or by emailing prospectusgroup-ny@ny.email.gs.com; Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, New York 10014; BofA Merrill
Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001, Attention: Prospectus Department, email:
dg.prospectus_requests@baml.com; or from Cowen and Company, LLC,
c/o Broadridge Financial Services, 1155 Long Island Avenue,
Edgewood, NY, 11717, Attn: Prospectus Department, telephone:
1-631-274-2806.
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
registration or qualification under the securities laws of any such
state or jurisdiction.
For readers in the European Economic Area
In any EEA Member State that has implemented the
Prospectus Directive, this communication is only addressed to and
directed at qualified investors in that Member State within the
meaning of the Prospectus Directive. The term “Prospectus
Directive” means Directive 2003/71/EC (and amendments thereto,
including Directive 2010/73/EU, to the extent implemented in each
relevant Member State), together with any relevant implementing
measure in the relevant Member State.
For readers in the United Kingdom
This communication, in so far as it constitutes
an invitation or inducement to enter into investment activity
(within the meaning of s21 Financial Services and Markets Act 2000
as amended) in connection with the securities which are the subject
of the offering described in this press release or otherwise, is
being directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters
relating to investments who fall within Article 19(5) (“Investment
professionals”) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”) or (iii) certain
high value persons and entities who fall within Article 49(2)(a) to
(d) (“High net worth companies, unincorporated associations etc”)
of the Order; or (iv) any other person to whom it may lawfully be
communicated (all such persons in (i) to (iv) together being
referred to as “relevant persons”). The ADSs are only available to,
and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such ADSs will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
About GW Pharmaceuticals plc
Founded in 1998, GW is a biopharmaceutical
company focused on discovering, developing and commercializing
novel therapeutics from its proprietary cannabinoid product
platform in a broad range of disease areas. GW, along with its U.S.
subsidiary, Greenwich Biosciences, is advancing an orphan drug
program in the field of childhood epilepsy with a focus on
Epidiolex (cannabidiol), for which GW has submitted an NDA to the
FDA for the adjunctive treatment of LGS and Dravet syndrome. The
Company continues to evaluate Epidiolex in additional epilepsy
conditions and currently has ongoing clinical trials in Tuberous
Sclerosis Complex and Infantile Spasms. GW commercialized the
world’s first plant-derived cannabinoid prescription drug, Sativex®
(nabiximols), which is approved for the treatment of spasticity due
to multiple sclerosis in numerous countries outside the United
States. The Company has a deep pipeline of additional cannabinoid
product candidates which includes compounds in Phase 1 and 2 trials
for glioblastoma, schizophrenia and epilepsy.
Forward-looking statements
This news release may contain forward-looking
statements that reflect GW's current expectations regarding future
events, including statements regarding financial performance, the
timing of clinical trials, the timing and outcomes of regulatory or
intellectual property decisions, the relevance of GW products
commercially available and in development, the clinical benefits of
Epidiolex® (cannabidiol), the safety profile and commercial
potential of Epidiolex, and the development and commercialization
of Epidiolex. Forward-looking statements involve risks and
uncertainties. Actual events could differ materially from those
projected herein and depend on a number of factors, including
(inter alia), the success of GW’s research strategies, the
applicability of the discoveries made therein, the successful and
timely completion of, and uncertainties related to, the regulatory
process, and the acceptance of Sativex, Epidiolex and other
products by consumer and medical professionals. A further list and
description of risks and uncertainties associated with an
investment in GW can be found in GW’s filings with the U.S.
Securities and Exchange Commission, including the most recent Form
20-F filed on 4 December 2017. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. GW undertakes
no obligation to update or revise the information contained in this
press release, whether as a result of new information, future
events or circumstances or otherwise.
Enquiries:
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GW Pharmaceuticals plc |
(Today) +44 20 3727 1000 |
Stephen Schultz, VP Investor Relations (US) |
917
280 2424 / 401 500 6570 |
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