Deal has $8.33 million greenshoe; Jefferies, Leerink are bookrunners
By Susanna Moon
Chicago, July 18 - Verastem, Inc. priced its $55.5 million public offering of shares with Jefferies LLC and Leerink Swann LLC as the joint bookrunning managers, according to a 424B2 filing with the Securities and Exchange Commission.
The deal includes an over-allotment option for an additional 555,000 shares.
The company will sell 3.7 million shares at $15.00 each, which is an 11.45% discount to the company's closing price of $16.94 on July 16.
Proceeds will be used for preclinical and clinical development of the company's lead product candidates as well as discovery, research and preclinical studies of other product candidates, additional compounds and companion diagnostics. Remaining proceeds will be used for working capital, capital expenditures and other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates or technology.
Verastem is a biopharmaceutical company based in Cambridge, Mass.
| Issuer: | Verastem, Inc.
|
| Issue: | Common stock
|
| Amount: | $55.5 million
|
| Greenshoe: | $8,325,000
|
| Shares: | 3.7 million
|
| Price: | $15.00
|
| Warrants: | No
|
| Bookrunners: | Jefferies LLC and Leerink Swann LLC
|
| Co-managers: | JMP Securities LLC, Oppenheimer & Co. Inc., Lazard Capital Markets LLC, Guggenheim Securities, LLC, Roth Capital Partners, LLC and Cantor Fitzgerald & Co.
|
| Announcement date: | July 16
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Stock ticker: | Nasdaq: VSTM
|
| Stock price: | $16.94 at close July 16
|
| Market capitalization: | $333.82 million
|
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