Mineralys Therapeutics Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Mineralys Therapeutics (Nasdaq: MLYS) has priced its upsized initial public offering of 12,000,000 shares at $16.00 per share, anticipating gross proceeds of $192 million. The shares will begin trading on the Nasdaq Global Select Market starting February 10, 2023, with the offering expected to close on February 14, 2023. An option for underwriters to purchase an additional 1,800,000 shares is also included. The funds raised are aimed at advancing its lead product, lorundrostat, a potential treatment for uncontrolled hypertension.

Positive

• Upsized IPO of 12,000,000 shares at $16.00 per share, raising $192 million.
• Potential market introduction with lorundrostat for uncontrolled hypertension.

Negative

• Dilution risks associated with the additional share offering.
• -

RADNOR, Pa., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone, today announced the pricing of its upsized initial public offering of 12,000,000 shares of common stock at an initial public offering price of $16.00 per share. All of the shares are being offered by Mineralys. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $192.0 million. Shares of Mineralys common stock are expected to begin trading on the Nasdaq Global Select Market on February 10, 2023 under the ticker symbol “MLYS.” The offering is expected to close on February 14, 2023, subject to the satisfaction of customary closing conditions. In addition, Mineralys has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo Securities are acting as joint book-running managers for the offering.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective on February 9, 2023. The offering is being made only by means of a prospectus. When available, copies of the final prospectus may be obtained from BofA Securities, Inc. Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, via telephone at (800) 294-1322 or via email at dg.prospectus_requests@bofa.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.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 Mineralys

Mineralys is a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone. Its initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor that Mineralys is initially developing for the treatment of patients with uncontrolled hypertension.

Contact:

investorrelations@mineralystx.com

FAQ

What is the initial public offering price for Mineralys Therapeutics (MLYS)?

The initial public offering price for Mineralys Therapeutics is $16.00 per share.

How many shares is Mineralys offering in its IPO?

Mineralys is offering 12,000,000 shares in its IPO.

When will Mineralys Therapeutics begin trading publicly?

Mineralys Therapeutics will begin trading on February 10, 2023.

What are the expected gross proceeds from the IPO of Mineralys (MLYS)?

The expected gross proceeds from the IPO are $192 million.

When is the closing date for Mineralys Therapeutics' IPO?

The closing date for the IPO is expected to be on February 14, 2023.

What is the ticker symbol for Mineralys Therapeutics?

The ticker symbol for Mineralys Therapeutics is MLYS.