SAN DIEGO, April 25, 2017 /PRNewswire/ -- Neurocrine
Biosciences, Inc. (NASDAQ: NBIX) today announced its intention to
offer, subject to market and other conditions, $450.0 million aggregate principal amount of
convertible senior notes due 2024 (the "notes") in a private
offering to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"). Neurocrine also expects to grant the initial purchasers of
the notes a 30-day option to purchase up to an additional
$67.5 million aggregate principal
amount of notes.
The notes will be senior unsecured obligations of Neurocrine and
will accrue interest payable semiannually in arrears. The notes
will be convertible in certain circumstances into cash, shares of
Neurocrine's common stock, or a combination of cash and shares of
Neurocrine's common stock, at Neurocrine's election. The interest
rate, initial conversion rate and other terms of the notes will be
determined at the time of the pricing of the offering.
Neurocrine intends to use the net proceeds from the offering for
general corporate purposes, which may include commercialization
expenses, clinical trial and other research and development
expenses, capital expenditures, working capital and general and
administrative expenses.
The offer and sale of the notes and the shares, if any, issuable
upon conversion of the notes have not been and will not be
registered under the Securities Act or applicable state securities
laws, and the notes and such shares may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities
laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy the notes or any shares
issuable upon conversion of the notes, nor shall there be any sale
of the notes or such shares, in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful.
About Neurocrine Biosciences
Neurocrine Biosciences is a San
Diego based biotechnology company focused on neurologic,
psychiatric and endocrine related disorders. In April of 2017 the
FDA approved INGREZZATM (valbenazine) capsules for the
treatment of adults with tardive dyskinesia (TD). INGREZZA is
a novel, selective vesicular monoamine transporter 2 (VMAT2)
inhibitor, and is the first and only FDA-approved product indicated
for the treatment of adults with TD. The Company markets
INGREZZA in the United States. The
Company's three late-stage clinical programs are: elagolix, a
gonadotropin-releasing hormone antagonist for women's health that
is partnered with AbbVie Inc.; opicapone, a novel, once-daily,
peripherally-acting, highly-selective catechol-o-methyltransferase
inhibitor under investigation as adjunct therapy to levodopa in
Parkinson's patients; and INGREZZA™ (valbenazine), a novel,
once-daily, selective VMAT2 inhibitor under investigation for the
treatment of Tourette Syndrome.
Forward-Looking Statements
In addition to historical facts, this press release contains
forward-looking statements that involve a number of risks and
uncertainties such as those, among others, relating to Neurocrine's
expectations regarding the completion, timing and size of its
proposed offering. Among the factors that could cause
actual results to differ materially from those indicated in the
forward-looking statements are risks and uncertainties associated
with market conditions, whether Neurocrine will offer the
notes or be able to consummate the proposed offering at the
anticipated size or on the anticipated terms, or at all, the
satisfaction of closing conditions related to the proposed
offering, as well as risks and uncertainties associated with
Neurocrine's business and finances in general, and the other risks
described in Neurocrine's annual report on Form 10-K for the year
ended December 31, 2016.
Neurocrine undertakes no obligation to update the statements
contained in this press release after the date hereof.
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SOURCE Neurocrine Biosciences, Inc.