SAN DIEGO, Feb. 26, 2014
/PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX)
today announced the pricing of an underwritten public offering of
8,000,000 shares of its common stock at a price to the public of
$17.75 per share. The gross
proceeds to Neurocrine from this offering, before deducting
underwriting discounts and commissions and other offering expenses
payable by Neurocrine, are expected to be approximately
$142 million. The offering is
expected to close on or about March 4,
2014, subject to customary closing conditions. Neurocrine
anticipates using the net proceeds from the offering to fund its
research and development efforts and for general corporate
purposes, including working capital.
Jefferies LLC and J.P. Morgan Securities LLC are acting as joint
book-running managers for this offering, Deutsche Bank Securities
Inc. and Credit Suisse Securities (USA) LLC are acting as co-lead managers for
this offering and Cowen and Company, LLC is acting as co-manager
for this offering. Neurocrine has granted the underwriters a 30-day
option to purchase up to an aggregate of 1,200,000 additional
shares of common stock.
The securities described above are being offered by Neurocrine
pursuant to a shelf registration statement previously filed with
the Securities and Exchange Commission (the "SEC") on
February 25, 2014, which has become
effective by rule of the SEC. A preliminary prospectus
supplement and accompanying prospectus relating to the offering
have been filed with the SEC and are available on the
SEC's website at http://www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
these securities, when available, may be obtained from Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 12th Floor, New York, NY
10022, or by telephone at 877-547-6340, or by email at
Prospectus_Department@Jefferies.com, or from J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by
telephone at 866-803-9204.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc. is a clinical stage drug discovery
company primarily focused on neurological and endocrine based
diseases and disorders. Neurocrine discovers and develops
innovative pharmaceuticals, in diseases with high unmet medical
needs or where the existing drug classes are inadequate, through a
disciplined yet entrepreneurial process. Utilizing a portfolio
approach to drug discovery, Neurocrine has multiple small molecule
drug candidates at various stages of pharmaceutical development.
Neurocrine's two lead late stage clinical programs are elagolix, a
gonadotropin-releasing hormone antagonist for women's health that
is partnered with AbbVie Inc., and a wholly owned vesicular
monoamine transporter 2 ("VMAT2") inhibitor for the treatment of
movement disorders. Neurocrine intends to maintain certain
commercial rights to its VMAT2 inhibitor for evolution into a
fully-integrated pharmaceutical company.
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
public offering and the expected proceeds therefrom.
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 and
the satisfaction of customary closing conditions related to the
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, 2013.
Neurocrine undertakes no obligation to update the statements
contained in this press release after the date hereof.
SOURCE Neurocrine Biosciences, Inc.