Veracyte Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Veracyte, Inc. (Nasdaq: VCYT) has completed its public offering of 8,547,297 shares of common stock at a price of $74.00 per share. The offering raised approximately $593.8 million in net proceeds after accounting for underwriting discounts and expenses. This included 1,114,864 shares sold through the underwriters’ full exercise of their option to purchase additional shares. Goldman Sachs & Co. and SVB Leerink served as joint lead book-running managers, with several other firms as co-managers. The offering was conducted under a prior effective shelf registration.

Positive

• Raised approximately $593.8 million in net proceeds.
• Successful exercise of underwriters’ option indicating strong demand.

Negative

• Shareholder dilution due to the issuance of 8,547,297 new shares.

Veracyte, Inc. (Nasdaq: VCYT) announced today the closing of its public offering of 8,547,297 shares of common stock, including 1,114,864 shares sold upon full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $74.00 per share. The net proceeds to Veracyte from the offering were approximately $593.8 million, after deducting underwriting discounts and commissions and estimated offering expenses.

Goldman Sachs & Co., LLC and SVB Leerink LLC acted as joint lead book-running managers for the offering. William Blair & Company, L.L.C. acted as a book-running manager and BTIG, LLC, Needham & Company, LLC, and Lake Street Capital Markets, LLC acted as co-managers.

The public offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on February 3, 2021. This offering was made solely by means of a prospectus supplement and accompanying prospectus relating to and describing the terms of the offering, copies of which may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by email at prospectus-ny@ny.email.gs.com, or by telephone at (866) 471-2526; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 01220, by email at syndicate@svbleerink.com, or by telephone at (800) 808-7525, ext. 6105.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any 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 registration or qualification under the securities laws of any such state or other jurisdiction.

Veracyte, Afirma, Percepta, Envisia, Prosigna, "Know by Design" and the Veracyte, Afirma, Percepta, Envisia and Prosigna logos are Veracyte’s registered trademarks in the U.S. and selected countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210209006183/en/

FAQ

What was the purpose of Veracyte's recent stock offering?

The press release does not specify the intended use of the funds from the offering.

How much did Veracyte raise in its public offering?

Veracyte raised approximately $593.8 million in net proceeds from the offering.

What was the price per share in Veracyte's stock offering?

The public offering price was set at $74.00 per share.

Who were the underwriters for Veracyte's stock offering?

Goldman Sachs & Co. and SVB Leerink acted as joint lead book-running managers.

How many shares were included in Veracyte's offering?

The offering included a total of 8,547,297 shares of common stock.