Sarepta Therapeutics Announces Pricing of $500,000,000 Public Offering of Common Stock
November 08 2018 - 7:13PM
Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a leader in precision
genetic medicine for rare diseases, today announced that it has
priced an underwritten public offering of an aggregate of 3,817,000
shares of its common stock at a price to the public of $131.00 per
share. In addition, Sarepta has granted the underwriters a 30-day
option to purchase up to an additional 572,550 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
$500,000,000, excluding any exercise of the underwriters’ option to
purchase additional shares. The offering is expected to close on or
about November 13, 2018, subject to customary closing conditions.
Goldman Sachs & Co. LLC, J.P. Morgan
Securities LLC and Credit Suisse Securities (USA) LLC are acting as
joint book-running managers of the proposed offering. Cowen
and Company LLC is acting as sole lead manager. In addition,
William Blair & Company, L.L.C., Robert W. Baird & Co.
Incorporated, Nomura Securities International, Inc., Cantor
Fitzgerald & Co. and H.C. Wainwright & Co. LLC 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;
or Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, One Madison Avenue, New York, NY 10010, or by telephone
at (800) 221-1037. 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.
Forward-Looking StatementsThis
press release contains statements that are forward-looking within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including the
statements about the completion and timing of the proposed public
offering of Sarepta’s common stock and the intended use of net
proceeds. 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, 2017, 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 Jerica Pitts, 312-858-3469
jpitts@w2ogroup.com
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