Repligen Corporation Announces Closing of Public Offering of $312.2 Million, Including Full Exercise of Underwriters’ Option

Rhea-AI Summary

Repligen Corporation (NASDAQ: RGEN) successfully closed its underwritten public offering of 1.725 million shares at $181 each, generating gross proceeds of approximately $312.2 million. After deducting fees, the net proceeds are expected to be about $298 million, intended for working capital and general corporate purposes, including potential investments in complementary businesses. The offering included full exercise of the underwriters’ option for an additional 225,000 shares. The company has no current agreements for acquisitions.

Positive

• Net proceeds of approximately $298 million will support working capital and potential acquisitions.
• Successful completion of an underwritten public offering indicates strong market confidence.

Negative

• The offering could lead to shareholder dilution depending on future stock performance.
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WALTHAM, Mass., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ: RGEN) today announced the closing of its previously announced underwritten public offering of an aggregate of 1.725 million shares of its common stock at a public offering price of $181 per share for gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately $312.2 million, which includes the exercise in full of the underwriters’ option to purchase 225,000 additional shares. The offering of the shares is expected to result in approximately $298 million in net proceeds to Repligen after deducting underwriting discounts and commissions and other estimated offering expenses payable by Repligen.

Repligen Corporation intends to use the net proceeds from this offering for working capital and other general corporate purposes. Net proceeds from this offering may also be used to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. Repligen has not entered into any agreements or commitments with respect to any acquisitions or investments at this time.

J.P. Morgan Securities LLC and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers for the offering. Craig-Hallum Capital Group, Stephens Inc., SVB Leerink LLC and William Blair & Company, L.L.C. acted as co-managers for the offering.

These securities were issued and sold pursuant to an automatically effective shelf registration statement (including a base prospectus) that was previously filed with the Securities and Exchange Commission (“SEC”). A final prospectus supplement relating to this offering has been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com and from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or a 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 Repligen Corporation
Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. Our primary customers are biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located in the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, Germany, Ireland, the Netherlands and Sweden.

Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding the anticipated use of proceeds of the proposed offering, constitute forward-looking statements identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” “anticipate,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation and uncertainties related to market conditions. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Repligen’s most recent Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. These forward-looking statements reflect management’s current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law.

Source:

Repligen Corporation
Sondra Newman
Global Head of Investor Relations
snewman@repligen.com

FAQ

What was the purpose of Repligen's public offering on December 10, 2020?

The public offering aimed to raise capital for working capital and other general corporate purposes, including potential acquisitions.

How many shares were offered in Repligen's public offering?

Repligen offered 1.725 million shares in its public offering.

What were the gross proceeds from Repligen's underwritten public offering?

The gross proceeds from the offering were approximately $312.2 million.

What is the expected net proceeds for Repligen after the offering?

The expected net proceeds after deducting underwriting fees and expenses are around $298 million.

Who managed Repligen's public offering?

J.P. Morgan Securities LLC and Stifel, Nicolaus & Company acted as joint book-running managers for the offering.