89bio Announces Pricing of Upsized Public Offering of Common Stock
89bio, Inc. (Nasdaq: ETNB) has announced the pricing of an upsized public offering of 3,300,000 shares at $28.00 each, aiming for gross proceeds of approximately $84.7 million. The offering consists of 3,025,000 shares from 89bio and 275,000 shares from a selling stockholder. Additionally, the underwriters have a 30-day option to purchase up to 495,000 additional shares. The offering is expected to close on September 21, 2020, pending customary conditions. BofA Securities, SVB Leerink, and RBC Capital Markets are leading the offering.
- Aiming to raise approximately $84.7 million to support the development of therapies for liver and cardio-metabolic diseases.
- Demonstrates investor interest with an upsized offering.
- Potential dilution of shares due to the offering impacting existing shareholders.
- Market uncertainty regarding the successful closure of the offering.
SAN FRANCISCO, Sept. 16, 2020 (GLOBE NEWSWIRE) -- 89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases, today announced the pricing of an upsized underwritten public offering of 3,300,000 shares of its common stock at a public offering price of
BofA Securities, SVB Leerink and RBC Capital Markets are acting as lead book-running managers for the offering. Raymond James is also acting as a book-running manager for the offering. BTIG, LLC is acting as co-manager for the offering.
The registration statement relating to these securities became effective on September 16, 2020. The offering is being made solely by means of a prospectus. Copies of the prospectus related to the offering, when available, may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, or by email at dg.prospectus_requests@bofa.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by telephone at (800) 808-7525, ext. 6132, or by email at syndicate@svbleerink.com; RBC Capital Markets LLC, Attention: Equity Syndicate Department, 200 Vesey Street, 8th Floor, New York, New York 10281, or by telephone at (877) 822-4089, or by email at equityprospectus@rbccm.com; or Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by telephone at (800) 248-8863, or by email at prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 89bio
89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The company’s lead product candidate, BIO89-100, is a specifically engineered glycoPEGylated analog of FGF21. BIO89-100 is being developed for the treatment of nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). 89bio is headquartered in San Francisco with operations in Herzliya, Israel.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, 89bio’s expectations regarding the consummation of the offering and the satisfaction of customary closing conditions with respect to the offering. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. While 89bio believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in 89bio’s filings with the SEC), many of which are beyond 89bio’s control and subject to change. Actual results could be materially different. Risks and uncertainties include: changes as a result of market conditions or for other reasons, the risk that the offering will not be consummated, and the impact of general economic, health, industrial or political conditions in the United States or internationally; and other risks and uncertainties identified in 89bio’s Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and other subsequent disclosure documents filed with the SEC. 89bio claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. 89bio expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Ryan Martins
Chief Financial Officer
investors@89bio.com
Media Contact:
Lori Rosen
LDR Communications
917-553-6808
lori@ldrcommunications.com
FAQ
What is the size of the public offering by 89bio (ETNB)?
What are the expected proceeds from the offering for 89bio (ETNB)?
When is the closing date for the 89bio (ETNB) offering?
How many shares is the selling stockholder offering in 89bio (ETNB) public offering?
What is the purpose of the funds raised in the 89bio (ETNB) offering?
