Sarepta Therapeutics Announces Proposed $250 Million Public Offering of Common Stock
July 24 2017 - 7:00AM
Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a U.S. commercial-stage
biopharmaceutical company focused on the discovery and development
of unique RNA-targeted therapeutics for the treatment of rare
neuromuscular diseases, today announced that it is offering to
sell, subject to market and other conditions, $250 million in
shares of its common stock in an underwritten public offering.
Sarepta also intends to grant the underwriters a 30-day option to
purchase an additional $37.5 million in shares of its common stock
offered in the public offering.
Douglas Ingram, Sarepta’s president and chief
executive officer, has indicated an interest in purchasing up to
$2,000,000 of shares of the company’s common stock in the offering
at the public offering price.
Goldman Sachs & Co. LLC and J.P. Morgan
Securities LLC are acting as joint book-running managers of the
proposed offering. Credit Suisse Securities (USA) LLC is also
acting as a joint book-runner.
Sarepta intends to use the net proceeds from the
offering principally for the continuation and initiation of further
clinical trials, commercialization, manufacturing, business
development activities including the potential licensing or
acquisition of complementary products and technologies and other
general corporate purposes. The offering is subject to market and
other conditions, and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
The shares are being offered by Sarepta pursuant
to an effective shelf registration statement that was previously
filed with the Securities and Exchange Commission (SEC). The
offering is being made only by means of a written prospectus and
prospectus supplement that form a part of the registration
statement. A preliminary prospectus supplement relating to and
describing the terms of the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. When
available, copies of the preliminary prospectus supplement relating
to these securities may also be obtained from the offices of
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200
West Street, New York, NY 10282, or by telephone at (866)
471-2526, or by email at prospectus-ny@ny.email.gs.com; or J.P.
Morgan Securities LLC, Attention: Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at
(866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com. The
final terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Sarepta, nor
shall there be any sale of securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Sarepta Therapeutics
Sarepta Therapeutics is a U.S. commercial-stage
biopharmaceutical company focused on the discovery and development
of unique RNA-targeted therapeutics for the treatment of rare
neuromuscular diseases. The Company is primarily focused on rapidly
advancing the development of its potentially disease-modifying
Duchenne muscular dystrophy (DMD) drug candidates.
Forward-Looking Statements
This press release contains statements that are forward-looking,
including the statements about the completion, timing and size of
the proposed public offering of Sarepta’s common stock, within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements involve risks and uncertainties, many of which are
beyond Sarepta’s control, including risk and uncertainties related
to market conditions and satisfaction of customary closing
conditions related to the proposed public offering. There can be no
assurance that Sarepta will be able to complete the public offering
on the anticipated terms, or at all. Applicable risks also include
those that are included in the “Risk Factors” section of Sarepta’s
Annual Report on Form 10-K for the year ended December 31, 2016,
and any subsequent SEC filings, including the prospectus supplement
related to the proposed offering to be filed with the SEC. Any
forward-looking statement in this press release represents
Sarepta’s views only as of the date of this press release and
should not be relied upon as representing its views as of any
subsequent date. Sarepta does not undertake any obligation to
publicly update its forward-looking statements based on events or
circumstances after the date hereof, except as required by
applicable law.
Source: Sarepta Therapeutics, Inc.
Media and Investors:
Sarepta Therapeutics, Inc.
Ian Estepan, 617-274-4052
iestepan@sarepta.com
or
W2O Group
Brian Reid, 212-257-6725
breid@w2ogroup.com
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