Sarepta to Sell Up to $225 Million of Stock
September 21 2016 - 6:30PM
Dow Jones News
Sarepta Therapeutics Inc. intends to sell up to $225 million of
stock and use the proceeds for clinical trials, drug
commercialization, manufacturing and other purposes.
The company's shares surged 74% to $48.94 on Monday as the U.S.
Food and Drug Administration gave accelerated approval to
eteplirsen, its drug for Duchenne muscular dystrophy, following
sharp disagreements within the agency. Sarepta stock rose 14% on
Tuesday, when it received favorable patent decisions in a dispute
with BioMarin Pharmaceutical Inc.
Wednesday, it rose 0.9% and another 0.7% after hours to
$56.59.
Sarepta filed a shelf registration in February for the potential
sale of securities.
Underwriters for the stock offering include J.P. Morgan, Goldman
Sachs and Credit Suisse. Sarepta held a smaller stock sale in June,
when it sold at least 2.1 million shares for $17.84 each.
An advisory committee to the FDA in April voted 7-3, with 3
abstentions, that the data for the Duchenne drug weren't enough for
agency approval. By late May, Sarepta had announced that the FDA
wouldn't make a decision by the deadline and that it would work
with the agency in its examination of the data.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 21, 2016 18:15 ET (22:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
BioMarin Pharmaceutical (NASDAQ:BMRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
BioMarin Pharmaceutical (NASDAQ:BMRN)
Historical Stock Chart
From Apr 2023 to Apr 2024
