Jefferies, Leerink Partners, Guggenheim, Oppenheimer assist with sale
By Devika Patel
Knoxville, Tenn., Jan. 23 – Verastem, Inc. said it priced a $47.13 million public offering of stock with a $7.07 million greenshoe. The deal was announced Tuesday.
The company will sell 7.25 million common shares at a public price of $6.50 apiece. The price per share is a 7.14% discount to the Jan. 22 closing share price of $7.00.
Jefferies LLC and Leerink Partners LLC are the bookrunning managers.
Although the price to the public is $6.50 per share, the underwriters will purchase the shares at $6.11 per share.
Settlement is expected Jan. 28.
Proceeds will be used for studies, clinical trials and other general corporate purposes.
Based in Boston, Verastem discovers and develops drugs to treat cancer.
| Issuer: | Verastem, Inc.
|
| Issue: | Common shares
|
| Amount: | $47,125,000
|
| Greenshoe: | $7,068,750
|
| Shares: | 7.25 million
|
| Price: | $6.50
|
| Warrants: | No
|
| Bookrunners: | Jefferies LLC and Leerink Partners LLC
|
| Co-lead managers: | Guggenheim Securities, LLC and Oppenheimer & Co. Inc.
|
| Announcement date: | Jan. 20
|
| Pricing date: | Jan. 23
|
| Settlement date: | Jan. 28
|
| Stock symbol: | Nasdaq: VSTM
|
| Stock price: | $7.00 at close Jan. 22
|
| Market capitalization: | $188.51 million
|
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