Generation Bio Announces Pricing of Public Offering

Rhea-AI Summary

Generation Bio Co. (Nasdaq: GBIO) has priced a public offering of 8,000,000 shares of its common stock at $24.50 per share. With a 30-day option for underwriters to purchase an additional 1,200,000 shares, the gross proceeds are estimated at approximately $196.0 million, pending closing on January 11, 2021. J.P. Morgan, Jefferies, and Cowen are leading the offering, with a focus on advancing their innovative gene therapy technology aimed at treating rare and prevalent diseases.

Positive

• Expected gross proceeds of approximately $196.0 million.
• Advancement of novel gene therapy technology targeting rare and prevalent diseases.

Negative

• Potential dilution of shares for existing shareholders.

CAMBRIDGE, Mass., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Generation Bio Co. (Nasdaq: GBIO), an innovative genetic medicines company creating a new class of gene therapy, today announced the pricing of a public offering of 8,000,000 shares of its common stock at a public offering price of $24.50 per share. In addition, Generation Bio has granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of common stock at the public offering price, less the underwriting discount and commissions. All of the shares are being offered by Generation Bio.

The gross proceeds of the offering, before deducting the underwriting discount and commissions and other offering expenses payable by Generation Bio, are expected to be approximately $196.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on Monday, January 11, 2021, subject to customary closing conditions.

J.P. Morgan, Jefferies, and Cowen are acting as joint bookrunning managers for the offering. Wedbush PacGrow is acting as lead manager 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. When available, copies of the final prospectus relating to this offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone by calling collect at (212) 834-4533, or by email at prospectus-eq_fi@jpmchase.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.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 Generation Bio
Generation Bio is an innovative genetic medicines company focused on creating a new class of gene therapy to provide durable, redosable treatments for patients suffering from both rare and prevalent diseases. The company’s non-viral platform incorporates a proprietary high-capacity DNA construct called closed-ended DNA, or ceDNA; a novel cell-targeted lipid nanoparticle delivery system, or ctLNP; and an established, scalable capsid-free manufacturing process. The company is designing therapies to provide targeted delivery of genetic payloads that include large and multiple genes across a broad array of tissues, and to be redosable for individualized and extended treatment throughout a patient’s life. The platform is designed to expand access to treatments for rare diseases and to address prevalent diseases through efficient, scalable manufacturing.

Contact:

Investors
Maren Killackey
Generation Bio
541-646-2420
mkillackey@generationbio.com

Media
Alicia Webb
Generation Bio
847-254-4275
awebb@generationbio.com

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

FAQ

What is the public offering price of Generation Bio's shares?

The public offering price is $24.50 per share.

How many shares is Generation Bio offering in this public offering?

Generation Bio is offering 8,000,000 shares in this public offering.

What are the expected gross proceeds from Generation Bio's stock offering?

The expected gross proceeds are approximately $196.0 million.

When is the closing date for Generation Bio's public offering?

The offering is expected to close on January 11, 2021.

Who are the underwriters for Generation Bio's stock offering?

J.P. Morgan, Jefferies, and Cowen are acting as joint bookrunning managers.