Design Therapeutics Announces Pricing of Initial Public Offering

Rhea-AI Summary

Design Therapeutics has priced its initial public offering (IPO) at $20.00 per share, aiming to raise $240 million with 12 million shares being offered. The IPO will commence trading on the Nasdaq under the ticker symbol DSGN on March 26, 2021, and is expected to close on March 30, 2021. A 30-day option for underwriters to purchase an additional 1.8 million shares is also granted. Goldman Sachs, SVB Leerink, and Piper Sandler are managing the offering.

Positive

• Initial Public Offering (IPO) priced at $20.00 per share.
• Gross proceeds expected to reach $240 million.
• Listing on Nasdaq under ticker symbol DSGN.

Negative

• None.

CARLSBAD, Calif., March 25, 2021 (GLOBE NEWSWIRE) -- Design Therapeutics, Inc., a biotechnology company developing a platform of gene targeted chimera (GeneTAC™) small molecules for the treatment of serious degenerative disorders caused by inherited nucleotide repeat expansions, today announced the pricing of its initial public offering of 12,000,000 shares of its common stock at a price to the public of $20.00 per share. The gross proceeds to Design from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $240.0 million. All of the shares are being offered by Design. In addition, Design has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of its common stock at the initial public offering price less the underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on March 26, 2021, under the ticker symbol “DSGN.” The offering is expected to close on March 30, 2021, subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, SVB Leerink LLC and Piper Sandler are acting as joint book-running managers for the offering.

A registration statement relating to the offering of these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on March 25, 2021. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This offering is being made only by means of a written prospectus, forming a part of the effective registration statement. Copies of the final prospectus relating to the initial public offering may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbleerink.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at (800) 747-3924, or by email at prospectus@psc.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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.

Contact:
Alicia Davis
THRUST Strategic Communications
(910) 620-3302
alicia@thrustsc.com

FAQ

What is the initial public offering price for Design Therapeutics (DSGN)?

The initial public offering price for Design Therapeutics is $20.00 per share.

How much money is Design Therapeutics expecting to raise from its IPO?

Design Therapeutics is expecting to raise $240 million from its IPO.

When will shares of Design Therapeutics begin trading on Nasdaq?

Shares of Design Therapeutics are expected to begin trading on Nasdaq on March 26, 2021.

What is the ticker symbol for Design Therapeutics?

The ticker symbol for Design Therapeutics is DSGN.

When is the expected closing date for Design Therapeutics' IPO?

The expected closing date for Design Therapeutics' IPO is March 30, 2021.