BOULDER, Colo., Sept. 14, 2017 /PRNewswire/ -- Array
BioPharma Inc. (Nasdaq: ARRY) announced today the pricing of an
underwritten public offering of 20,930,232 shares of its common
stock at a public offering price of $10.75 per share. The gross proceeds from the
sale of the shares, before underwriting discounts and commissions
and offering expenses, are expected to be approximately
$225 million. The offering is
expected to close on or about September 19,
2017, subject to customary closing conditions. Array also
granted the underwriters a 30-day option to purchase up to
3,139,534 additional shares of common stock. All of the shares sold
in the offering are being sold by Array.
Array intends to use the net proceeds from the offering to fund
research and development efforts, including clinical trials for its
proprietary candidates, build and scale commercial capability, and
for general corporate purposes, including general working capital
purposes. Array may also use a portion of the net proceeds to
acquire or invest in complementary businesses, technologies, drugs,
drug candidates or other intellectual property, although it has no
present commitments or agreements to do so.
J.P. Morgan Securities LLC and Cowen and Company, LLC are acting
as joint book-running managers for the offering. Piper Jaffray & Co. is also acting as a
bookrunner for the offering. Stifel and Wells Fargo Securities, LLC
are acting as lead managers and SunTrust Robinson Humphrey, Inc. is
acting as co-manager.
The shares are being offered by Array pursuant to a shelf
registration statement that was previously filed with the
Securities and Exchange Commission (SEC) and became effective. 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 preliminary prospectus supplement and the
accompanying prospectus, and when available, copies of the final
prospectus supplement and the accompanying prospectus relating to
these securities may also be obtained by contacting J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, Attn: Prospectus Department, telephone: 866-803-9204; or
Cowen and Company, LLC, c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, New
York, 11717, Attn: Prospectus Department, telephone:
631-274-2806 ; or Piper Jaffray
& Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus
Department, telephone: 800-747-3924.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on
the discovery, development and commercialization of targeted small
molecule drugs to treat patients afflicted with cancer. Eight
registration studies are currently advancing related to seven
Array-owned or partnered drugs: binimetinib (MEK162), encorafenib
(LGX818), selumetinib (partnered with AstraZeneca), danoprevir
(partnered with Roche), ipatasertib (partnered with Genentech),
larotrectinib (partnered with Loxo Oncology) and tucatinib
(partnered with Cascadian Therapeutics).
Forward-Looking Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements about the completion, timing and size of
the proposed public offering and Array's intended use of proceeds.
These statements involve significant risks and uncertainties,
including those discussed in the preliminary prospectus supplement
related to the offering and in our most recent annual report filed
on Form 10-K. These factors include, but are not limited to:
the risk that the financing may be delayed or may not occur due to
market or other conditions and the satisfaction of customary
closing conditions related to the proposed public offering.
Because these statements reflect our current expectations
concerning future events, our actual results could differ
materially from those anticipated in these forward-looking
statements as a result of many factors. There can be no assurance
that Array BioPharma will be able to complete the offering.
We are providing this information as of September 14, 2017. We undertake no duty to
update any forward-looking statements to reflect the occurrence of
events or circumstances after the date of such statements or of
anticipated or unanticipated events that alter any assumptions
underlying such statements.
CONTACT:
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Tricia Haugeto, Array
BioPharma
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(303)
386-1193
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thaugeto@arraybiopharma.com
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SOURCE Array BioPharma Inc.