Madrigal Pharmaceuticals Prices Public Offering of Common Stock
June 06 2018 - 11:14PM
Madrigal Pharmaceuticals, Inc. (Nasdaq:MDGL), a clinical-stage
biopharmaceutical company focused on the development and
commercialization of innovative therapeutic candidates for the
treatment of cardiovascular, metabolic, and liver diseases, today
announced the pricing of an underwritten registered public offering
of 1,347,232 shares of its common stock at a public offering price
of $305.00 per share. In the offering, Madrigal will issue
and sell 983,607 shares and existing stockholders of the company,
including certain of its executive officers and directors and
affiliates thereof will sell 363,625 shares. 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 $300 million.
Madrigal will not receive any proceeds from the sale of the shares
by the selling stockholders. Madrigal has granted the
underwriters of the offering a 30-day option to purchase up to an
additional 202,084 shares of common stock from the company.
Goldman Sachs & Co. LLC, is the sole book-running manager of
the offering. Cowen is acting as a lead manager 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 June 11, 2018,
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 June 5, 2018. A preliminary prospectus supplement relating to
and describing the terms of the offering was filed with the SEC on
June 6, 2018. 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; Cowen and Company, LLC,
c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, NY 11717, Attention: Prospectus
Department, or by telephone at (631) 274-2806; 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 Statements
Statements 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, 2017, 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 RelationsMadrigal Pharmaceuticals,
Inc.Marc SchneebaumIR@madrigalpharma.com
Media ContactSam Brown Inc.Kristin Paulina,
610-524-2959kristinpaulina@sambrown.com
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