Solid Biosciences Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Solid Biosciences announced a public offering of $85 million in common stock to enhance funding for its Duchenne muscular dystrophy therapies. The offering is underwritten and includes a 30-day option for underwriters to purchase an additional 15%. Jefferies, SVB Leerink, and Piper Sandler are managing the offering, which is subject to market conditions. The shares are offered under an effective registration statement filed with the SEC. No assurance can be given regarding the offering's completion or its terms due to market uncertainties.

Positive

• Offering could provide crucial funding for ongoing therapies aimed at Duchenne.
• Potential growth opportunities depending on the successful completion of the offering.

Negative

• Possible dilution of existing shares due to the public offering.
• Market conditions may lead to uncertainty regarding the final offering terms.

CAMBRIDGE, Mass., March 17, 2021 (GLOBE NEWSWIRE) -- Solid Biosciences Inc., (Nasdaq: SLDB) a life sciences company focused on advancing meaningful therapies for Duchenne muscular dystrophy (Duchenne), today announced that it has commenced an underwritten public offering of $85 million of shares of its common stock. All of the shares are being offered by Solid. In addition, Solid expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the public offering on the same terms and conditions.

The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Jefferies, SVB Leerink and Piper Sandler are acting as joint book-running managers for the offering. Chardan is acting as lead manager for the offering.

The shares are being offered pursuant to an effective shelf registration statement that was filed with the Securities and Exchange Commission (“SEC”) on March 13, 2019, and declared effective by the SEC on March 19, 2019.

This offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering is expected to be filed with the SEC and, when filed, may be obtained for free by visiting the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained by contacting: 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; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbleerink.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at prospectus@psc.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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 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 Solid Biosciences

Solid Biosciences is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, our mandate is simple yet comprehensive – work to address the disease at its core by correcting the underlying mutation that causes Duchenne with our lead gene therapy candidate, SGT-001.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, such as those, among others, relating to the Company’s plans to consummate its proposed public offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not the Company will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed public offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that the Company will be able to complete the proposed public offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements. Additional risks and uncertainties relating to the proposed offering, Solid and its business can be found under the caption “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company’s preliminary prospectus supplement expected to be filed with the SEC on March 17, 2021, and other filings that the Company may make with the SEC in the future. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof and should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.

Investor Contact:
David Carey
FINN Partners
212-867-1768
David.Carey@finnpartners.com

Media Contact:
Erich Sandoval
FINN Partners
917-497-2867
Erich.Sandoval@finnpartners.com

FAQ

What is the purpose of Solid Biosciences' public offering on March 17, 2021?

The purpose is to raise $85 million for advancing therapies for Duchenne muscular dystrophy.

What is the stock symbol for Solid Biosciences?

The stock symbol for Solid Biosciences is SLDB.

Who are the underwriters for Solid Biosciences' offering?

The underwriters include Jefferies, SVB Leerink, and Piper Sandler.

Is there a risk of dilution from the public offering by Solid Biosciences?

Yes, existing shareholders may experience dilution due to the issuance of new shares.

What is the size of the offering announced by Solid Biosciences?

The offering announced is for $85 million.

When was the registration statement for the offering filed with the SEC?

The registration statement was filed with the SEC on March 13, 2019.