Madrigal Pharmaceuticals Prices Public Offering of Common Stock
December 18 2017 - 11:26PM
Madrigal Pharmaceuticals, Inc. (Nasdaq:MDGL), a clinical-stage
biopharmaceutical company focused on the development and
commercialization of innovative therapies for cardiovascular,
metabolic and liver diseases, today announced the pricing of an
underwritten registered public offering of 1,506,025 shares of its
common stock at a public offering price of $83.00 per
share. The gross proceeds to Madrigal from the offering, before
deducting the underwriting discounts and commissions and other
estimated offering expenses, are expected to be
approximately $125 million. In addition, Madrigal has
granted the underwriters of the offering a 30-day option
to purchase up to an additional 225,904 shares of common stock. All
of the shares in the offering are to be sold by Madrigal.
Goldman Sachs & Co. LLC, is the lead book-running
manager of the offering. Evercore ISI is also acting as a
book-runner of the offering. JMP Securities, Roth Capital Partners
and H.C. Wainwright & Co. are acting as co-managers for the
offering. The offering is expected to close on or
about December 21, 2017, subject to the satisfaction of
customary closing conditions.
The shares are being offered by Madrigal pursuant to an
effective shelf registration statement on Form S-3 that was
previously filed with the Securities and Exchange Commission (SEC)
on August 6, 2015. A preliminary prospectus supplement relating to
and describing the terms of the offering was filed with
the SEC on December 18, 2017. The final prospectus
supplement relating to the offering will be filed with
the SEC and will be available on the SEC’s website
at www.sec.gov. When available, copies of the final prospectus
supplement and the accompanying prospectus relating to these
securities may also be obtained by contacting one of the
following: Goldman Sachs & Co. LLC, Attn: Prospectus
Department, 200 West Street, New York, NY 10282, telephone:
(866) 471-2526, facsimile: (212) 902-9316, email:
prospectus-ny@ny.email.gs.com; Evercore Group L.L.C., Attention:
Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York,
NY 10055, or by telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com; JMP Securities LLC, Prospectus
Department, 600 Montgomery Street, 10th Floor, San Francisco, CA
94111, telephone: (415) 835-8985; Roth Capital Partners, LLC 888
San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800)
678-9147; or H.C. Wainwright & Co., LLC, 430 Park Avenue,
3rd Floor, New York, New York 10022, email: placements@hcwco.com,
telephone: (646) 975-6995.
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 the registration or
qualification under the securities laws of such state or
jurisdiction.
About Madrigal Pharmaceuticals,
Inc.Madrigal Pharmaceuticals, Inc. (Nasdaq:MDGL) is a
clinical-stage biopharmaceutical company pursuing novel
therapeutics that target a specific thyroid hormone receptor
pathway in the liver, which is a key regulatory mechanism common to
a spectrum of cardio-metabolic and fatty liver diseases with high
unmet medical need. Madrigal’s lead candidate, MGL-3196, is a
first-in-class, orally administered, small-molecule,
liver-directed, thyroid hormone receptor (THR) β-selective agonist
that is currently in Phase 2 development for non-alcoholic
steatohepatitis (NASH) and heterozygous familial
hypercholesterolemia (HeFH).
Forward-Looking StatementsStatements in this
release concerning Madrigal’s future expectations, plans and
prospects, including, without limitation, statements about
Madrigal’s proposed public offering, constitute forward-looking
statements for the purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Actual results
and future plans may differ materially from those indicated by
these forward-looking statements as a result of various important
factors, including, without limitation, risks associated with
market conditions and the satisfaction of customary closing
conditions related to the proposed offering, as well as those risks
more fully discussed in the “Risk Factors” filed with Madrigal’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2016, filed with the SEC, and in other filings that Madrigal makes
with the SEC. There can be no assurance that Madrigal will be able
to complete the proposed public offering on the anticipated terms,
or at all. You should not place undue reliance on these
forward-looking statements. In addition, any forward-looking
statements represent Madrigal’s views only as of today and should
not be relied upon as representing its views as of any subsequent
date. Madrigal explicitly disclaims any obligation, except to the
extent required by law, to update any forward-looking
statements.
Investor Relations Madrigal Pharmaceuticals,
Inc. Marc SchneebaumIR@madrigalpharma.com
Media Contact Sam Brown Inc. Kristin Paulina,
610-524-2959 kristinpaulina@sambrown.com
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