TESARO Announces Pricing Of Public Offering Of Common Stock

WALTHAM, Mass., Nov. 15, 2016 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO) announced today that it has priced an underwritten public offering of an aggregate of 1,750,000 shares of its common stock at an offering price to the public of $135.00 per share. The gross proceeds from the offering will be approximately $236.3 million. In addition, TESARO has granted the underwriters an option to purchase up to an additional 262,500 shares of its common stock. TESARO estimates that the net proceeds from the offering will be approximately $224.1 million after deducting the underwriting discount and other offering expenses payable by TESARO, but excluding any exercise of the underwriters' option. 

The offering is expected to close on or about November 18, 2016, subject to customary closing conditions. Citigroup, Leerink Partners, Credit Suisse and Wells Fargo Securities are acting as bookrunners, and Baird, FBR, Guggenheim Securities, Raymond James, SunTrust Robinson Humphrey, and Wedbush PacGrow are acting as co-managers for the offering.

The shares described above will be issued by TESARO pursuant to its automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission ("SEC") on June 30, 2016. A preliminary prospectus supplement and related prospectus related to the offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and related prospectus relating to this offering 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 from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, via telephone at 1-800-808-7525 (ext. 6142) or email at syndicate@leerink.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.

If you liked this article you might like

Juno, bluebird In Focus as Targets Following Gilead-Kite Aquisition

Tesaro Stock Jumps on Sanofi, Gilead Takeover Interest

Biotech Needs a Shot in the Arm

Biotech Needs a Shot in the Arm

Market Recon: Worryingly, the Indices Seem to Be Almost Resting at Lofty Levels