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Travere Therapeutics Announces Proposed Public Offering of Common Stock

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Travere Therapeutics (Nasdaq: TVTX) has announced plans for an underwritten public offering of its common stock. The company will offer all shares, with an additional 30-day option for underwriters to purchase up to 15% more shares. Jefferies and Leerink Partners are serving as joint book-running managers. The offering will be made pursuant to an automatically effective shelf registration statement filed with the SEC on August 1, 2024. The completion, size, and terms of the offering are subject to market conditions and cannot be assured.

Travere Therapeutics (Nasdaq: TVTX) ha annunciato piani per un offerta pubblica garantita delle sue azioni ordinarie. L'azienda offrirà tutte le azioni, con un'opzione aggiuntiva di 30 giorni per i sottoscrittori di acquistare fino al 15% di azioni in più. Jefferies e Leerink Partners agiranno come co-manager. L'offerta sarà effettuata ai sensi di una dichiarazione di registrazione a scaffale automaticamente efficace depositata presso la SEC il 1° agosto 2024. Il completamento, la dimensione e le condizioni dell'offerta sono soggetti alle condizioni di mercato e non possono essere garantiti.

Travere Therapeutics (Nasdaq: TVTX) ha anunciado planes para una oferta pública garantizada de sus acciones ordinarias. La empresa ofrecerá todas las acciones, con una opción adicional de 30 días para los suscriptores de adquirir hasta un 15% más de acciones. Jefferies y Leerink Partners están actuando como co-directores de libro. La oferta se realizará de acuerdo con una declaración de registro de estante automáticamente efectiva presentada ante la SEC el 1 de agosto de 2024. La finalización, el tamaño y los términos de la oferta están sujetos a las condiciones del mercado y no se pueden garantizar.

Travere Therapeutics (Nasdaq: TVTX)는 자사의 보통주에 대한 공모 청약 계획을 발표했습니다. 이 회사는 모든 주식을 제공하며, 추가로 인수인들이 최대 15%의 추가 주식을 구매할 수 있는 30일 옵션이 있습니다. Jefferies와 Leerink Partners가 공동 북런닝 매니저로 활동하고 있습니다. 이 제안은 2024년 8월 1일 SEC에 제출된 자동 효력 발휘 선반 등록 성명에 따라 이루어집니다. 제안의 완료, 규모 및 조건은 시장 상황에 따라 달라지며 보장될 수 없습니다.

Travere Therapeutics (Nasdaq: TVTX) a annoncé des plans pour une offre publique garantie de ses actions ordinaires. La société proposera toutes les actions, avec une option supplémentaire de 30 jours pour les souscripteurs d'acheter jusqu'à 15% d'actions supplémentaires. Jefferies et Leerink Partners agissent en tant que co-gestionnaires. L'offre sera réalisée en vertu d'une déclaration d'enregistrement de shelf automatiquement efficace déposée auprès de la SEC le 1er août 2024. L'achèvement, la taille et les conditions de l'offre sont soumis aux conditions du marché et ne peuvent être garantis.

Travere Therapeutics (Nasdaq: TVTX) hat Pläne für ein unterzeichnetes öffentliches Angebot seiner Stammaktien bekannt gegeben. Das Unternehmen wird alle Aktien anbieten, mit einer zusätzlichen 30-tägigen Option für die Underwriter, bis zu 15% mehr Aktien zu erwerben. Jefferies und Leerink Partners fungieren als gemeinsame Buchführungsmanager. Das Angebot erfolgt gemäß einer automatisch wirksamen Regalregistrierungserklärung, die am 1. August 2024 bei der SEC eingereicht wurde. Der Abschluss, die Größe und die Bedingungen des Angebots unterliegen den Marktbedingungen und können nicht garantiert werden.

Positive
  • None.
Negative
  • Potential shareholder dilution from new common stock issuance
  • Uncertainty regarding offering completion and final terms

Insights

This public offering announcement signals significant capital-raising activity that will likely dilute existing shareholders. The offering size remains undisclosed, but with a $1.4B market cap, even a modest raise could materially impact share value. The inclusion of a 15% overallotment option suggests confidence in market demand. Having Jefferies and Leerink as joint book-runners adds credibility, as they're well-respected in biotech financing.

The timing aligns with the company's need to fund commercialization efforts for FILSPARI and advance their pipeline. However, the dilutive effect typically pressures stock price in the near term. The automatic shelf registration from August 2024 indicates this raise was pre-planned, though market conditions likely influenced the timing.

SAN DIEGO, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (Nasdaq: TVTX) today announced that it intends to offer and sell, in an underwritten public offering and subject to market and other conditions, shares of its common stock. All of the shares are being offered by Travere. In addition, Travere intends to grant the underwriters for the offering a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering. 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 and Leerink Partners are acting as the joint book-running managers for the offering.

The shares of common stock described above are being offered by Travere pursuant to a shelf registration statement filed by Travere with the Securities and Exchange Commission (SEC) that became automatically effective on August 1, 2024. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus related to this offering, when available, may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.

About Travere Therapeutics

At Travere Therapeutics we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow.

Forward Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. These statements may be identified by introductory words such as “may,” “expects,” “plan,” “believe,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to” or words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include statements regarding Travere’s expectations with respect to the completion, timing and size of the proposed public offering and granting the underwriters a 30-day option to purchase additional shares. For such statements, Travere claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Travere’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering, and those factors disclosed in Travere’s filings with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. These forward-looking statements represent Travere’s judgment as of the time of this release. Travere disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

Contact:
888-969-7879
IR@travere.com


FAQ

What is the size of Travere Therapeutics (TVTX) proposed public offering?

The exact size of the offering has not been disclosed in the announcement. The final size will depend on market conditions and other factors.

When did Travere Therapeutics (TVTX) file its shelf registration statement?

Travere Therapeutics filed its shelf registration statement with the SEC on August 1, 2024, which became automatically effective on the same date.

Who are the underwriters for Travere Therapeutics (TVTX) public offering?

Jefferies and Leerink Partners are acting as the joint book-running managers for the offering.

What is the additional share purchase option in TVTX's offering?

The underwriters will have a 30-day option to purchase up to an additional 15% of the shares offered in the public offering.

Travere Therapeutics, Inc.

NASDAQ:TVTX

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1.51B
77.32M
0.65%
98.57%
10.24%
Biotechnology
Pharmaceutical Preparations
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United States of America
SAN DIEGO