Sarepta Raises $500 Million in Public Offering

Rare Disease drug developer Sarepta Therapeutics raised $500 million through a public offering of its common stock.

The company sold 6.2 million shares at $81.00 per share. In addition, Sarepta granted the underwriters a 30-day option to purchase up to an additional 925,926 shares of its common stock on the same terms and conditions as the initial shares sold to the underwriters. Sarepta anticipates the gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be approximately $500 million, excluding any exercise of the underwriters’ option to purchase additional shares.

Sarepta intends to use the net proceeds from the offering principally for the continuation of, and initiation of further, clinical trials, commercialization, manufacturing, business development activities, including the potential licensing or acquisition of complementary products, technologies and entities, and other general corporate purposes.

Sarepta focuses on precision medicines primarily targeting genetic neuromuscular diseases including Duchenne muscular dystrophy and limb-girdle muscular dystrophies, and more than 40 programs in various stages of development. The company’s pipeline is driven by its multi-platform Precision Genetic Medicine Engine in gene therapy, RNA and gene editing.

Author: Rare Daily Staff