Longboard Pharmaceuticals Announces Pricing of Initial Public Offering
March 11 2021 - 9:44PM
Longboard Pharmaceuticals, Inc., a clinical-stage biopharmaceutical
company focused on developing novel, transformative medicines for
neurological diseases, today announced the pricing of its initial
public offering of 5,000,000 shares of its common stock at a price
to the public of $16.00 per share. The gross proceeds to Longboard
from the offering, before deducting underwriting discounts and
commissions and estimated offering expenses, are expected to be
$80.0 million.
Longboard was formed in January 2020 by Arena
Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally
acting product candidates designed to be highly selective for
specific G protein-coupled receptors (GPCRs).
The shares are expected to begin trading on the
Nasdaq Global Market on March 12, 2021, under the symbol “LBPH”.
The offering is expected to close on March 16, 2021, subject to
satisfaction of customary closing conditions. In addition,
Longboard has granted the underwriters a 30-day option to purchase
up to an additional 750,000 shares of common stock at the initial
public offering price, less underwriting discounts and commissions.
All of the shares are being offered by Longboard.
Citigroup, Evercore ISI, Guggenheim Securities
and Cantor are acting as joint book-running managers for the
offering.
The offering is being made only by means of a
prospectus. Copies of the final prospectus relating to the offering
may be obtained, when available, from: Citigroup Global Markets,
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 or by telephone at (800) 831-9146; Evercore
Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd
Street, 36th Floor, New York, NY 10055, by telephone at (888)
474-0200, or by e-mail at ecm.prospectus@evercore.com; Guggenheim
Securities, LLC, Attention: Equity Syndicate Department, 330
Madison Avenue, New York, NY 10017 or by telephone at (212)
518-5548, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com; and Cantor
Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue,
New York, NY 10022, or by e-mail at prospectus@cantor.com.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission and was declared effective on March 11, 2021. This press
release shall not constitute an offer to sell or a 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.
About Longboard Pharmaceuticals
Longboard Pharmaceuticals, Inc. is a clinical-stage
biopharmaceutical company focused on developing novel,
transformative medicines for neurological diseases. Longboard was
formed in January 2020 by Arena to advance a portfolio of centrally
acting product candidates designed to be highly selective for
specific GPCRs. Longboard’s small molecule product candidates were
discovered out of the same platform at Arena that represents a
culmination of more than 20 years of GPCR research. Longboard is
evaluating LP352, an oral, centrally acting, 5-hydroxytryptamine 2c
receptor subtype superagonist, in development for the potential
treatment of developmental and epileptic encephalopathies.
Longboard is also evaluating LP143, a centrally acting, full
cannabinoid type 2 receptor agonist, in development for the
potential treatment of neurodegenerative diseases associated with
neuroinflammation caused by microglial activation, and LP659, a
centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5
modulator, in development for the potential treatment of central
nervous system neuroinflammatory diseases.
Corporate Contact:
Megan E. Knight
Head of Investor Relations
mknight@longboardpharma.com
IR@longboardpharma.com
619.592.9775
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