Dyne Therapeutics Announces Pricing of Initial Public Offering

Rhea-AI Summary

Dyne Therapeutics (Nasdaq: DYN) has priced its initial public offering (IPO) of 12,251,578 shares at $19.00 each, aiming for gross proceeds of approximately $233 million before expenses. The IPO is set to begin trading on the Nasdaq Global Select Market on September 17, 2020, with the offering expected to close on September 21, 2020. The underwriters have an option to purchase an additional 1,837,736 shares within 30 days. J.P. Morgan, Jefferies, Piper Sandler, and Stifel are serving as joint book-running managers for the offering.

Positive

• The IPO aims to raise approximately $233 million to fund further development of therapies for muscle diseases.
• Dyne is developing a diverse portfolio targeting muscle diseases like DM1, DMD, and FSHD.

Negative

• The additional shares offered may lead to shareholder dilution if the underwriters exercise their purchase option.

WALTHAM, Mass., Sept. 16, 2020 (GLOBE NEWSWIRE) -- Dyne Therapeutics, Inc. (Nasdaq: DYN), a muscle disease company focused on advancing innovative life-transforming therapeutics for patients with genetically driven diseases, today announced the pricing of its initial public offering of 12,251,578 shares of its common stock at an initial public offering price of $19.00 per share. In addition, Dyne has granted the underwriters a 30-day option to purchase up to 1,837,736 additional shares of common stock at the initial public offering price, less the underwriting discount and commissions. All of the shares are being offered by Dyne.

Dyne’s common stock is expected to begin trading on the Nasdaq Global Select Market on Thursday, September 17, 2020 under the ticker symbol “DYN.” The gross proceeds of the offering, before deducting the underwriting discount and commissions and other offering expenses payable by Dyne, are expected to be approximately $233 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on Monday, September 21, 2020, subject to customary closing conditions.

J.P. Morgan, Jefferies, Piper Sandler and Stifel are acting as joint book-running managers for the offering.

A registration statement relating to the securities being sold in this offering has been filed with, and declared effective by, the Securities and Exchange Commission. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at (866) 803-9204 or via email at prospectus-eq_fi@jpmchase.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, via telephone at (877) 821-7388 or via email at Prospectus_Department@Jefferies.com; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, via telephone at (800) 747-3924 or via email at prospectus@psc.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, via telephone at (415) 364-2720 or via email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of, these securities in any state or 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 Dyne Therapeutics

Dyne Therapeutics is building a leading muscle disease company focused on advancing innovative life-transforming therapeutics for patients with genetically driven diseases. The Company utilizes its proprietary FORCE™ platform to overcome the current limitations of muscle tissue delivery with modern oligonucleotide therapeutic candidates. Dyne is developing a broad portfolio of therapeutics for muscle diseases, including lead programs in myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy (FSHD).

Contacts:

Dyne Therapeutics
Amy Reilly
areilly@dyne-tx.com
857-341-1203

Media

Ten Bridge Communications
Stephanie Simon
stephanie@tenbridgecommunications.com
617-581-9333

FAQ

What is the purpose of Dyne Therapeutics' IPO?

Dyne Therapeutics aims to raise funds for advancing its innovative therapeutics targeting genetically driven muscle diseases.

When will Dyne Therapeutics' stock start trading?

Dyne Therapeutics' stock is expected to begin trading on the Nasdaq on September 17, 2020.

What is the expected gross proceeds from Dyne's IPO?

The expected gross proceeds from Dyne's IPO are approximately $233 million, before expenses.

What is the underwriters' option regarding Dyne's IPO?

The underwriters have a 30-day option to purchase up to 1,837,736 additional shares at the initial offering price.

What is Dyne Therapeutics' stock symbol?

Dyne Therapeutics' stock symbol is DYN.