TESARO Announces Pricing Of Upsized Public Offering Of Common Stock

WALTHAM, Mass., Feb. 28, 2013 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO) announced today that it has priced an underwritten public offering of an aggregate of 4,720,000 shares of its common stock at a price to the public of $18.00 per share. The gross proceeds from the offering will be approximately $85 million upsized from the previously announced $75 million. In addition, TESARO has granted the underwriters a 30-day option to purchase up to an additional 708,000 shares of its common stock on the same terms and conditions to cover over-allotments. TESARO anticipates that the aggregate net proceeds from the offering will be approximately $79.2 million, after deducting the underwriting discount and estimated offering expenses payable by TESARO, but excluding any exercise of the underwriters' over-allotment option. The offering is expected to close on or about March 5, 2013, subject to customary closing conditions.

Citigroup and Morgan Stanley are acting as joint book-running managers for the offering with Leerink Swann, Deutsche Bank Securities, BMO Capital Markets and Baird acting as co-managers for the offering.

The shares described above will be issued by TESARO pursuant to a registration statement on Form S-1 declared effective by the Securities and Exchange Commission (SEC) on February 27, 2013. The offering is being made only by means of a prospectus, copies of which may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone at 1-800-831-9146 or email at batprospectusdept@citi.com

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor will there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or other jurisdiction.

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