Madrigal Pharmaceuticals Prices Public Offering of Common Stock
Madrigal Pharmaceuticals (Nasdaq:MDGL), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases, today announced the pricing of an underwritten registered public offering of 1,347,232 shares of its common stock at a public offering price of $305.00 per share. In the offering, …
Madrigal Pharmaceuticals (Nasdaq:MDGL), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases, today announced the pricing of an underwritten registered public offering of 1,347,232 shares of its common stock at a public offering price of $305.00 per share. In the offering, Madrigal will issue and sell 983,607 shares and existing stockholders of the company, including certain of its executive officers and directors and affiliates thereof will sell 363,625 shares.
As quoted in the press release:
The gross proceeds to Madrigal from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $300 million. Madrigal will not receive any proceeds from the sale of the shares by the selling stockholders. Madrigal has granted the underwriters of the offering a 30-day option to purchase up to an additional 202,084 shares of common stock from the company.
Goldman Sachs & Co. LLC, is the sole book-running manager of the offering. Cowen is acting as a lead manager of the offering. JMP Securities, Roth Capital Partners and H.C. Wainwright & Co. are acting as co-managers for the offering. The offering is expected to close on or about June 11, 2018, subject to the satisfaction of customary closing conditions.
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