Kodiak Sciences Announces Closing of $645.0 Million Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Kodiak Sciences Inc. (Nasdaq: KOD) closed a public offering of 5,972,222 shares at $108.00 each, raising approximately $645.0 million. This includes an additional 778,985 shares sold after underwriters exercised their purchase option in full. The offering was managed by J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI, under the terms of an effective shelf registration statement filed with the SEC. Kodiak focuses on developing therapeutics for high prevalence retinal diseases, with its lead candidate KSI-301 targeting retinal vascular diseases.

Positive

• Raised approximately $645.0 million from the public offering, enhancing cash reserves.
• Increased investor interest with the exercise of underwriters' option for additional shares.

Negative

• Dilution of existing shareholders' equity due to the additional shares issued.

PALO ALTO, Calif., Nov. 20, 2020 /PRNewswire/ -- Kodiak Sciences Inc. (Nasdaq: KOD), a biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases, today announced the closing of its previously announced underwritten public offering of 5,972,222 shares of its common stock, which includes 778,985 shares sold pursuant to the underwriters' exercise in full of their option to purchase additional shares, at a price to the public of $108.00 per share. The aggregate gross proceeds from the offering were approximately $645.0 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Kodiak Sciences.

J.P. Morgan, Morgan Stanley, Jefferies and Evercore ISI acted as joint book-running managers for the offering. Truist Securities acted as lead manager.

The shares described above were offered by Kodiak Sciences pursuant to an effective shelf registration statement on Form S-3, including a base prospectus, that was previously filed by Kodiak Sciences with the Securities and Exchange Commission (the "SEC"). A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by email at prospectus@morganstanley.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th 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 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 Kodiak Sciences Inc.
Kodiak (Nasdaq: KOD) is a biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases. Founded in 2009, we are focused on bringing new science to the design and manufacture of next generation retinal medicines to prevent and treat the leading causes of blindness globally. Kodiak's lead product candidate, KSI-301, is a novel anti-VEGF antibody biopolymer conjugate being developed for the treatment of retinal vascular diseases including age-related macular degeneration, a leading cause of blindness in elderly patients, and diabetic eye diseases, a leading cause of blindness in working-age patients.

Kodiak®, Kodiak Sciences®, ABC™, ABC Platform™ and the Kodiak logo are registered trademarks or trademarks of Kodiak Sciences Inc. in various global jurisdictions.

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SOURCE Kodiak Sciences Inc.

FAQ

What was the price per share in Kodiak Sciences' recent public offering?

Kodiak Sciences offered shares at a price of $108.00 each.

How much did Kodiak Sciences raise from its public offering?

Kodiak Sciences raised approximately $645.0 million from the offering.

What was the date of Kodiak Sciences' public offering announcement?

The public offering announcement was made on November 20, 2020.

Who managed the public offering for Kodiak Sciences?

J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI managed the offering.

What is the main focus of Kodiak Sciences?

Kodiak Sciences is focused on developing therapeutics for high prevalence retinal diseases.