By Rebecca Melvin
New York, July 16 – Sosei Group Corp. priced ¥16 billion of five-year convertible bonds with a 0.5% coupon and a 15% initial exchange premium, according to a company release.
The company concurrently priced a ¥5.06 billion issue of shares, or 3,301,400 shares at ¥1,595 per share.
The company intends to use proceeds to fund strategic growth initiatives including an acquisition, investments in novel technologies, expansion of its drug candidate discovery and early development into new target classes, and in licensing late-stage clinical assets to develop for the Japanese market.
Any balance of funds will be used to support growth through investments in current research activities and general corporate purposes.
BofA Securities acted as bookrunner and lead manager for the international offering, and Mizuho International and Nomura acted as co-managers.
The biopharmaceutical group is based in Tokyo and has research facilities in Cambridge, U.K. Its corporate brand and trademark is Sosei Heptares.
| Issuer: | Sosei Group Corp.
|
| Issue: | Euro-yen convertible bonds
|
| Amount: | ¥16 billion
|
| Maturity: | 2025
|
| Bookrunner: | BofA Securities
|
| Co-managers: | Mizuho International and Nomura
|
| Concurrent offering: | ¥5.06 billion shares
|
| Coupon: | 0.5%
|
| Conversion premium: | 15%
|
| Conversion price: | ¥1,834
|
| Conversion ratio: | 29.1070 shares
|
| Pricing date: | June 30
|
| Settlement date: | July 16
|
| Stock symbol: | Tokyo: 4565
|
| Stock reference price: | ¥1,734 as of June 30
|
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