Strongbridge Biopharma plc Announces Pricing of Public Offering of Ordinary Shares
January 25 2018 - 6:43PM
Strongbridge Biopharma plc (NASDAQ:SBBP) (the “Company”) today
announced that it has priced its previously announced underwritten
public offering of 5 million ordinary shares at a price to the
public of $6.75 per share. The offering is expected to close on or
about January 30, 2018 subject to satisfaction of customary closing
conditions. Strongbridge granted the underwriters a 30-day option
to purchase up to an additional 750,000 ordinary shares. Before
deducting the underwriting discount and estimated offering expenses
payable by the Company, the Company expects to receive gross
proceeds of approximately $33.8 million, assuming no exercise of
the underwriters’ option to purchase additional shares.
Cantor Fitzgerald & Co. is acting as the
sole bookrunner for the offering. JMP Securities LLC is acting as
the lead manager for the offering. Oppenheimer & Co. Inc. is
acting as lead co-manager and H.C. Wainwright & Co. is acting
as co-manager for the offering.
The Company intends to use the net proceeds from
the offering for investment in commercial infrastructure for its
two commercial products, Keveyis® and Macrilen™, continued
development of its clinical-stage product candidates, Recorlev™
and veldoreotide, and for other general corporate purposes,
which may include working capital, capital expenditures,
acquisition of additional technologies or other forms of
intellectual property, acquisition of assets or businesses that are
complementary to its existing business, and general and
administrative expenses.
A shelf registration statement relating to the
ordinary shares was previously filed with the SEC and declared
effective on May 8, 2017. A preliminary prospectus supplement and
accompanying prospectus relating to the offering were filed with
the SEC on January 23, 2018. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC’s website. Copies of the
final prospectus supplement (when available) and accompanying
prospectus may be obtained from Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New
York 10022 or by e-mail at prospectus@cantor.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
other 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 other jurisdiction. Any offer,
if at all, will be made only by means of the prospectus supplement
and accompanying prospectus forming a part of the effective
registration statement.
About Strongbridge Biopharma
plc
Strongbridge Biopharma is a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs. Strongbridge's commercial portfolio
within its rare neuromuscular and rare endocrine franchises
includes Keveyis® (dichlorphenamide), the first and only
FDA-approved treatment for hyperkalemic, hypokalemic, and related
variants of primary periodic paralysis, and Macrilen™
(macimorelin), the first and only FDA-approved oral drug indicated
for the diagnosis of adult growth hormone deficiency. The Company’s
rare endocrine franchise also includes a clinical-stage pipeline of
therapies: Recorlev™ (levoketoconazole), a
cortisol synthesis inhibitor currently being studied for the
treatment of endogenous Cushing's syndrome, and veldoreotide, a
next-generation somatostatin analog being investigated for the
treatment of acromegaly, with potential additional applications in
other conditions amenable to somatostatin receptor activation.
“Safe Harbor” Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements within the meaning of the federal securities laws. These
statements involve risks and uncertainties that could cause actual
results to differ materially, and relate to whether or not
Strongbridge will be able to consummate the offering of ordinary
shares described herein, including due to the satisfaction of
customary closing conditions and prevailing market conditions, the
anticipated use of the proceeds of the offering which could change
as a result of market conditions or for other reasons, and the
impact of general economic, industry or political conditions in the
United States or internationally. Additional risks and
uncertainties relating to the proposed offering, Strongbridge and
its business can be found under the heading “Risk Factors” in the
preliminary prospectus supplement and accompanying prospectus
relating to the offering filed with the SEC. Strongbridge assumes
no duty or obligation to update or revise any forward-looking
statements for any reason.
Contacts:
Corporate and Media Relations Elixir Health
Public Relations Lindsay Rocco +1 862-596-1304
lrocco@elixirhealthpr.com
Investor RelationsU.S.:The Trout Group Marcy
Nanus +1 646-378-2927 mnanus@troutgroup.com
Europe:First HouseMitra Hagen Negård+47 21 04
62 19strongbridgebio@firsthouse.no
USA 900 Northbrook Drive Suite 200 Trevose,
PA 19053 Tel. +1 610-254-9200 Fax. +1 215-355-7389
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