DICE Therapeutics Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

DICE Therapeutics, Inc. announced the pricing of its upsized IPO, offering 12,000,000 shares at $17.00 each, aiming for gross proceeds of $204 million. All shares are offered by DICE, and trading on Nasdaq under the ticker symbol 'DICE' starts on September 15, 2021. The offering is set to close on September 17, 2021, pending customary conditions. Additionally, underwriters have a 30-day option to purchase up to 1,800,000 more shares. The company focuses on developing novel oral therapeutics for chronic diseases in immunology.

Positive

• Gross proceeds of $204 million from the IPO will enhance capital for developing therapeutics.
• DICE's lead candidate targets interleukin-17, a key molecule in immunology, indicating potential market relevance.

Negative

• Potential shareholder dilution due to increased shares offered in the IPO.
• The reliance on underwriters for additional share purchases may indicate less confidence in immediate market demand.

SOUTH SAN FRANCISCO, Calif., Sept. 14, 2021 (GLOBE NEWSWIRE) -- DICE Therapeutics, Inc. (Nasdaq: DICE), a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas, today announced the pricing of its upsized initial public offering of 12,000,000 shares of its common stock at a public offering price of $17.00 per share. All of the shares are being offered by DICE. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by DICE, are expected to be $204.0 million. The shares are expected to begin trading on the Nasdaq Global Market on September 15, 2021 under the ticker symbol “DICE.” The offering is expected to close on September 17, 2021, subject to the satisfaction of customary closing conditions. In addition, DICE has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions.

BofA Securities, SVB Leerink and Evercore ISI are acting as joint bookrunning managers for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on September 14, 2021. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@svbleerink.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474 0200, or by email at ecm.prospectus@evercore.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall 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 any such state or jurisdiction.

About DICE Therapeutics, Inc.

DICE Therapeutics, Inc. is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. DICE is initially focused on developing oral therapeutics against well-validated targets in immunology, with the goal of achieving comparable potency to their systemic biologic counterparts, which have demonstrated the greatest therapeutic benefit to date in these disease areas. The Company’s DELSCAPE platform is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (PPIs) as effectively as systemic biologics. DICE’s lead therapeutic candidate, S011806, is an oral antagonist of the pro-inflammatory signaling molecule, interleukin-17 (IL-17), which is a validated drug target implicated in a variety of immunology indications. DICE is also developing oral therapeutic candidates targeting α4ß7 integrin and αVß1/αVß6 integrin for the treatment of inflammatory bowel disease and idiopathic pulmonary fibrosis, respectively.

Contact:
Katie Engleman, 1AB
katie@1abmedia.com

FAQ

What is the share price of DICE's IPO?

DICE's IPO share price is set at $17.00.

When will DICE begin trading on Nasdaq?

DICE is expected to begin trading on Nasdaq on September 15, 2021.

How much money is DICE aiming to raise from the IPO?

DICE aims to raise $204 million in gross proceeds from the IPO.

What is the purpose of DICE's IPO?

The IPO proceeds are intended to provide capital for the development of novel oral therapeutics.

What is the ticker symbol for DICE Therapeutics?

The ticker symbol for DICE Therapeutics is 'DICE'.