Verve Therapeutics Announces Closing of Public Offering of Common Stock, Full Exercise by Underwriters of Option to Purchase Additional Shares and Closing of Concurrent Private Placement

Rhea-AI Summary

Verve Therapeutics, Inc. (Nasdaq: VERV) has successfully closed an underwritten public offering of 14,375,000 shares of its common stock at a public offering price of $10.00 per share, resulting in total gross proceeds of approximately $143.8 million. Additionally, the company announced the closing of a private placement of 2,296,317 shares of its common stock to Eli Lilly and Company, at a price per share equal to the public offering price, totaling approximately $23.0 million.

BOSTON, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Verve Therapeutics, Inc. (Nasdaq: VERV), a clinical-stage biotechnology company pioneering a new approach to the care of cardiovascular disease with single-course gene editing medicines, today announced the closing of its previously announced underwritten public offering of 14,375,000 shares of its common stock at a public offering price of $10.00 per share, which includes 1,875,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock at the public offering price, less underwriting discounts and commissions. The total gross proceeds of the public offering were approximately $143.8 million, before deducting underwriting discounts and commissions and offering expenses payable by Verve. All of the shares in the public offering were sold by Verve.

In addition, Verve today announced the closing of its previously announced private placement of 2,296,317 shares of its common stock to Eli Lilly and Company, at a price per share equal to the public offering price. The total gross proceeds of the private placement were approximately $23.0 million.

Jefferies, Guggenheim Securities, William Blair, BMO Capital Markets, and RBC Capital Markets acted as joint book-running managers for the public offering.

The shares in the public offering were offered by Verve pursuant to an automatically effective shelf registration statement that was filed with the Securities and Exchange Commission (“SEC”) on September 23, 2022. This public offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the public offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8^th Floor, New York, NY 10017, or by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, or by telephone at 1-800-621-0687, or by email: prospectus@williamblair.com; or BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by email: bmoprospectus@bmo.com; or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, or by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com.

The shares sold in the concurrent private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws.

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 Verve Therapeutics
Verve Therapeutics, Inc. is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, potentially transforming treatment from chronic management to single-course gene editing medicines. The company’s initial three programs – VERVE-101, VERVE-102, and VERVE-201 – target genes that have been extensively validated as pharmacologic targets for lowering low-density lipoprotein cholesterol (“LDL-C”), a root cause of cardiovascular disease, in order to durably reduce blood LDL-C levels.

Investor Contact
Jen Robinson
Verve Therapeutics, Inc.
jrobinson@vervetx.com

Media Contact
Ashlea Kosikowski
1AB
ashlea@1abmedia.com

FAQ

What is the recent public offering that Verve Therapeutics, Inc. (VERV) has completed?

Verve Therapeutics, Inc. (VERV) has closed an underwritten public offering of 14,375,000 shares of its common stock at a public offering price of $10.00 per share.

How much total gross proceeds were generated through the recent public offering by Verve Therapeutics, Inc. (VERV)?

The total gross proceeds of the public offering were approximately $143.8 million.

What is the recent private placement announced by Verve Therapeutics, Inc. (VERV)?

Verve Therapeutics, Inc. (VERV) announced the closing of a private placement of 2,296,317 shares of its common stock to Eli Lilly and Company, at a price per share equal to the public offering price, totaling approximately $23.0 million.