Friday September 15, 2017 0 comments
BOULDER -- Array BioPharma Inc. (Nasdaq: ARRY) announced the pricing of an underwritten public offering of 20,930,232 shares of its common stock at a public offering price of $10.75 per share.
Gross proceeds from the sale of the shares, before underwriting discounts and commissions and offering expenses, are expected to be approximately $225 million, the company said.
The offering is expected to close on or about Sept. 19, subject to customary closing conditions.
Array said it also granted the underwriters a 30-day option to purchase up to 3,139,534 additional shares of common stock. All of the shares sold in the offering are being sold by Array.
Array said it intends to use net proceeds from the offering to fund research and development efforts, including clinical trials for its proprietary candidates, build and scale commercial capability, and for general corporate purposes, including general working capital purposes.
Array said it may also use a portion of the net proceeds to acquire or invest in complementary businesses, technologies, drugs, drug candidates or other intellectual property, although it has no present commitments or agreements to do so.
J.P. Morgan Securities LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering.
Piper Jaffray & Co. is also acting as a bookrunner for the offering.
Stifel and Wells Fargo Securities, LLC are acting as lead managers and SunTrust Robinson Humphrey, Inc. is acting as co-manager.
The shares are being offered by Array under a shelf registration statement previously filed with the Securities and Exchange Commission.
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 website at www.sec.gov.
Copies of the preliminary prospectus supplement and the accompanying prospectus, and when available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may also be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, telephone: 866-803-9204; or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, New York, 11717, Attn: Prospectus Department, telephone: 631-274-2806 ; or Piper Jaffray & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus