89bio Announces Pricing of Upsized Public Offering of Common Stock
September 16 2020 - 8:51PM
89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical
company focused on the development and commercialization of
innovative therapies for the treatment of liver and
cardio-metabolic diseases, today announced the pricing of an
upsized underwritten public offering of 3,300,000 shares of its
common stock at a public offering price of $28.00 per share.
3,025,000 shares are being offered by 89bio, and 275,000 shares are
being offered by a selling stockholder. The gross proceeds of the
offering to 89bio, before deducting the underwriting discount and
other offering expenses payable by 89bio, are expected to be
approximately $84.7 million. In addition, 89bio has
granted the underwriters a 30-day option to purchase up to an
additional 495,000 shares of common stock, at the public offering
price, less the underwriting discounts and commissions. 89bio will
not receive any proceeds from the sale of shares of the company’s
common stock by the selling stockholder. The offering is expected
to close on September 21, 2020, subject to the satisfaction of
customary closing conditions.
BofA Securities, SVB Leerink and RBC Capital Markets are acting
as lead book-running managers for the offering. Raymond James is
also acting as a book-running manager for the offering. BTIG, LLC
is acting as co-manager for the offering.
The registration statement relating to these securities became
effective on September 16, 2020. The offering is being made
solely by means of a prospectus. Copies of the prospectus related
to the offering, when available, may be obtained from BofA
Securities, Attention: Prospectus Department, NC1-004-03-43, 200
North College Street, 3rd Floor, Charlotte, North Carolina
28255-0001, or by email at dg.prospectus_requests@bofa.com; SVB
Leerink LLC, Attention: Syndicate Department, One Federal Street,
37th Floor, Boston, Massachusetts 02110, or by telephone at (800)
808-7525, ext. 6132, or by email at syndicate@svbleerink.com; RBC
Capital Markets LLC, Attention: Equity Syndicate Department, 200
Vesey Street, 8th Floor, New York, New York 10281, or by telephone
at (877) 822-4089, or by email at equityprospectus@rbccm.com; or
Raymond James & Associates, Inc., Attention: Equity Syndicate,
880 Carillon Parkway, St. Petersburg, Florida 33716, or by
telephone at (800) 248-8863, or by email at
prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About 89bio
89bio is a clinical-stage biopharmaceutical company focused on
the development and commercialization of innovative therapies for
the treatment of liver and cardio-metabolic diseases. The company’s
lead product candidate, BIO89-100, is a specifically engineered
glycoPEGylated analog of FGF21. BIO89-100 is being developed for
the treatment of nonalcoholic steatohepatitis (NASH) and severe
hypertriglyceridemia (SHTG). 89bio is headquartered in San
Francisco with operations in Herzliya, Israel.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including, but not limited to, 89bio’s
expectations regarding the consummation of the offering and the
satisfaction of customary closing conditions with respect to the
offering. Words such as “may,” “might,” “will,” “objective,”
“intend,” “should,” “could,” “can,” “would,” “expect,” “believe,”
“design,” “estimate,” “predict,” “potential,” “develop,” “plan” or
the negative of these terms, and similar expressions, or statements
regarding intent, belief, or current expectations, are forward
looking statements. While 89bio believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are based upon current estimates and assumptions and are
subject to various risks and uncertainties (including, without
limitation, those set forth in 89bio’s filings with the SEC), many
of which are beyond 89bio’s control and subject to change. Actual
results could be materially different. Risks and uncertainties
include: changes as a result of market conditions or for other
reasons, the risk that the offering will not be consummated, and
the impact of general economic, health, industrial or political
conditions in the United States or internationally; and other risks
and uncertainties identified in 89bio’s Annual Report on Form 10-K
for the year ended December 31, 2019 and its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2020 and other subsequent
disclosure documents filed with the SEC. 89bio claims the
protection of the Safe Harbor contained in the Private Securities
Litigation Reform Act of 1995 for forward-looking statements. 89bio
expressly disclaims any obligation to update or alter any
statements whether as a result of new information, future events or
otherwise, except as required by law.
Investor Contact: Ryan Martins Chief Financial Officer
investors@89bio.com
Media Contact: Lori Rosen LDR Communications 917-553-6808
lori@ldrcommunications.com
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