Morphic Therapeutic Announces Pricing of $240.0 Million Public Offering
02 Mayo 2023 - 11:13PM
Morphic Holding, Inc. (Nasdaq: MORF), a biopharmaceutical company
developing a portfolio of oral integrin therapies for the treatment
of serious chronic diseases, today announced the pricing of an
underwritten public offering of 5,333,334 shares of its common
stock at a price to the public of $45.00 per share. The gross
proceeds from this offering are expected to be approximately $240.0
million, before deducting underwriting discounts and commissions
and other offering expenses payable by Morphic, and assuming no
exercise of the underwriters’ option to purchase additional shares.
The offering is expected to close on or about May 5, 2023, subject
to the satisfaction of customary closing conditions. All of the
shares of common stock are being offered by Morphic. Morphic has
also granted the underwriters a 30-day option to purchase up to an
additional 800,000 shares of common stock in connection with the
public offering.
Jefferies, TD Cowen, BMO Capital Markets, RBC
Capital Markets and Wells Fargo Securities are acting as joint
bookrunners for the offering.
Morphic intends to use the net proceeds from the proposed
offering, together with its existing cash, cash equivalents and
marketable securities, to fund research, clinical trial and process
development and manufacturing of Morphic’s product candidates,
including MORF-057 and other programs generated from Morphic’s MInT
Platform, working capital, capital expenditures and other general
corporate purposes.
The shares are being offered by Morphic pursuant to a
registration statement on Form S-3ASR previously filed with the
Securities and Exchange Commission (the “SEC”), which became
automatically effective upon filing. A preliminary prospectus
supplement and accompanying prospectus relating to this offering
have been filed with the SEC. Copies of the preliminary prospectus
supplement and the accompanying prospectus relating to this
offering, and when available, the final prospectus supplement, may
be obtained from: Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, New York, NY 10022, by
telephone at 877-547-6340 or by email at
Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, 599
Lexington Avenue, New York, NY 10022, by email
Prospectus_ECM@cowen.com or by telephone at (833) 297-2926; or BMO
Capital Markets Corp. at 151 W 42nd Street, 32nd Floor, New York,
NY 10036, Attention: Equity Syndicate Department, by telephone at
(800) 414-3627 or by email to bmoprospectus@bmo.com; or RBC Capital
Markets, Attention: Equity Capital Markets, 200 Vesey Street, 8th
Floor, New York, NY 10281, or by telephone at (877) 822-4089 or by
email at equityprospectus@rbccm.com; or Wells Fargo Securities,
LLC, Attention Equity Syndicate Department, 500 West 33rd Street,
New York, NY 10001, by telephone at (833) 690-2713, or by email at
cmclientsupport@wellsfargo.com. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus will
also be available on the website of the SEC at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Morphic, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Morphic Therapeutic
Morphic Therapeutic is a biopharmaceutical company developing a
portfolio of oral integrin therapies for the treatment of serious
chronic diseases, including autoimmune, cardiovascular, and
metabolic diseases, fibrosis, and cancer. Morphic is advancing its
pipeline and discovery activities using its proprietary MInT
technology platform which leverages the Company’s unique
understanding of integrin structure and biology.
Forward-Looking StatementsThis press release
contains “forward-looking” statements within the meaning of the
Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, and of the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to statements regarding the expected net proceeds of
the offering, the anticipated use of proceeds of the offering and
the timing and closing of the offering. Statements including words
such as “believe,” “plan,” “continue,” “expect,” “will be,”
“develop,” “signal,” “potential,” “anticipate” or “ongoing” and
statements in the future tense are forward-looking statements.
These forward-looking statements involve risks and uncertainties,
as well as assumptions, which, if they do not fully materialize or
prove incorrect, could cause Morphic’s results to differ materially
from those expressed or implied by such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that may cause Morphic’s actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including risks and uncertainties disclosed in this
press release and other risks set forth in Morphic’s filings with
the SEC, including the Annual Report on Form 10-K for the fiscal
year ended December 31, 2022 filed with the SEC on February 23,
2023 and the Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2023 filed with the SEC on April 25, 2023.
Forward-looking statements in this press release speak only as of
the date hereof, and Morphic specifically disclaims any obligation
to update these forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
ContactsMorphic TherapeuticChris
Erdmanchris.erdman@morphictx.com617.686.1718
Morphic (NASDAQ:MORF)
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