SAN DIEGO, May 2, 2017 /PRNewswire/ -- Neurocrine
Biosciences, Inc. (NASDAQ: NBIX) announced today that it has
completed its previously announced private offering of $517.5 million aggregate principal amount of its
2.25% convertible senior notes due 2024 (the "notes"), which
includes $67.5 million aggregate
principal amount of notes that were sold pursuant to the exercise
of the initial purchasers' option to purchase additional
notes. The notes were sold to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the "Securities Act"). The net proceeds from the offering,
after deducting the initial purchasers' discounts and commissions
and estimated offering expenses payable by Neurocrine, were
approximately $502.2 million.
Jefferies LLC, Barclays Capital Inc., J.P. Morgan Securities LLC
and Leerink Partners LLC acted as joint book-running managers for
the offering, and Robert W. Baird & Co. Incorporated and
H.C. Wainwright & Co., LLC acted
as co-managers for the offering. Evercore Group L.L.C. acted
as Neurocrine's financial advisor for the offering.
The notes are senior unsecured obligations of Neurocrine.
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 with respect to the application of the net proceeds
from the 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, 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.