Sarepta Therapeutics, Inc. (Nasdaq: SRPT), a developer of innovative
RNA-based therapeutics, today announced that it has priced an
underwritten public offering of an aggregate of 2,650,000 shares of its
common stock at a price to the public of $38.00 per share. In addition,
Sarepta has granted the underwriters a 30-day option to purchase up to
an additional 397,500 shares of common stock on the same terms and
conditions as the initial shares sold to the underwriters. Sarepta
anticipates the aggregate net proceeds from the offering will be
approximately $94.5 million, after deducting the underwriting discount
and estimated offering expenses payable by Sarepta, but excluding any
exercise of the underwriters’ option. The offering is expected to close
on or about April 29, 2014, subject to customary closing conditions.
BofA Merrill Lynch, Morgan Stanley and Deutsche Bank Securities are
acting as joint book-running managers for the offering. In addition,
Baird, William Blair and Canaccord Genuity are acting as co-managers for
the offering.
Sarepta intends to use the net proceeds from the offering for business
development, manufacturing, the continued development of eteplirsen and
other product candidates and other general corporate purposes.
The shares are being offered by Sarepta pursuant to an automatically
effective shelf registration statement that was previously filed with
the Securities and Exchange Commission (“SEC”). A preliminary prospectus
supplement relating to and describing the terms of the offering has been
filed with the SEC and is available on the SEC’s web site at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering, when available, may be obtained
from: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn:
Prospectus Department, or via email, at dg.prospectus_requests@baml.com;
or Morgan Stanley at 180 Varick Street, Second Floor, New York, New York
10014, Attention: Prospectus Department.
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 focused on developing first-in-class RNA-based
therapeutics to improve and save the lives of people affected by serious
and life-threatening rare and infectious diseases. The Company's diverse
pipeline includes its lead program eteplirsen, for Duchenne muscular
dystrophy, as well as potential treatments for some of the world's most
lethal infectious diseases. Sarepta aims to build a leading, independent
biotech company dedicated to translating its RNA-based science into
transformational therapeutics for patients who face significant unmet
medical needs.
Forward-Looking Statements and Information
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, the expected net
proceeds from the offering and Sarepta’s expected use of the net
proceeds from this offering, 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, 2013 and any
subsequent SEC filings including the final 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.
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