Strongbridge Biopharma plc Announces Pricing of Public Offering of Ordinary Shares
October 04 2017 - 9:19AM
Strongbridge Biopharma plc (NASDAQ:SBBP) (the “Company”) today
announced that it has priced its previously announced underwritten
public offering of 4,000,000 ordinary shares at a price to the
public of $6.25 per share. The offering is expected to close on or
about October 6, 2017 subject to satisfaction of customary closing
conditions. Strongbridge granted the underwriters a 30-day option
to purchase up to an additional 600,000 ordinary shares. Before
deducting the underwriting discount and estimated offering expenses
payable by the Company, the Company expects to receive gross
proceeds of approximately $25.0 million, assuming no exercise of
the underwriters’ option to purchase additional shares.
Cantor Fitzgerald & Co. is acting as the
sole book-running manager for the offering. Oppenheimer & Co.
Inc. and H.C. Wainwright & Co., LLC are acting as co-managers
for the offering.
The Company intends to use the net proceeds from
the offering for investment in expanded commercial infrastructure
for Keveyis, continued development of Recorlev and veldoreotide,
commercialization expenditures, and for other general corporate
purposes, which may include working capital, capital expenditures,
acquisition of additional technologies or other forms of
intellectual property, acquisition of assets or businesses that are
complementary to its existing business, and general and
administrative expenses.
A shelf registration statement relating to the
ordinary shares was previously filed with the Securities and
Exchange Commission (the “SEC”) and declared effective on May 8,
2017. A preliminary prospectus supplement and accompanying
prospectus relating to the offering were filed with the SEC on
October 3, 2017. A final prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC’s website. Copies of the prospectus
supplement (when available) and accompanying prospectus may be
obtained from Cantor Fitzgerald & Co., Attention: Capital
Markets, 499 Park Ave., 6th Floor, New York, New York 10022 or by
e-mail at prospectus@cantor.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall 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 registration or qualification under the
securities laws of any such state or other jurisdiction. Any offer,
if at all, will be made only by means of the prospectus supplement
and accompanying prospectus forming a part of the effective
registration statement.
About Strongbridge Biopharma
plc
Strongbridge Biopharma is a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs. Strongbridge’s first commercial
product is KEVEYIS® (dichlorphenamide), the first and only
FDA-approved treatment for hyperkalemic, hypokalemic, and related
variants of Primary Periodic Paralysis. KEVEYIS has orphan drug
exclusivity status in the U.S. through August 7, 2022. In addition
to establishing this neuromuscular disease franchise, the Company
has a clinical-stage pipeline of therapies for rare endocrine
diseases. Strongbridge’s lead compounds include RECORLEV™
(levoketoconazole), a cortisol synthesis inhibitor currently being
studied for the treatment of endogenous Cushing’s syndrome, and
veldoreotide, a next-generation somatostatin analog being
investigated for the treatment of acromegaly, with potential
additional applications in Cushing’s syndrome and neuroendocrine
tumors. Both RECORLEV and veldoreotide have received orphan
designation from the U.S. Food and Drug Administration and the
European Medicines Agency.
“Safe Harbor” Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements within the meaning of the federal securities laws. These
statements involve risks and uncertainties that could cause actual
results to differ materially, including, but not limited to,
whether or not Strongbridge will be able to consummate the offering
of ordinary shares described herein, including due to the
satisfaction of customary closing conditions and prevailing market
conditions, the anticipated use of the proceeds of the offering
which could change as a result of market conditions or for other
reasons, and the impact of general economic, industry or political
conditions in the United States or internationally. Additional
risks and uncertainties relating to the proposed offering,
Strongbridge and its business can be found under the heading “Risk
Factors” in Strongbridge’s annual report on Form 20-F for the year
ended December 31, 2016, filed with the SEC on April 4, 2017, its
Report on Form 6-K filed with the SEC on August 7, 2017, and in the
preliminary prospectus supplement and accompanying prospectus
relating to the offering to be filed with the SEC. Strongbridge
assumes no duty or obligation to update or revise any
forward-looking statements for any reason.
Contacts:
Corporate and Media Relations Elixir Health
Public Relations Lindsay Rocco +1 862-596-1304
lrocco@elixirhealthpr.com
Investor RelationsU.S.:The Trout Group Marcy
Nanus +1 646-378-2927 mnanus@troutgroup.com
Europe:First HouseMitra Hagen Negård+47 21 04
62 19strongbridgebio@firsthouse.no
USA 900 Northbrook Drive Suite 200 Trevose,
PA 19053 Tel. +1 610-254-9200 Fax. +1 215-355-7389
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