Sarepta Therapeutics Prices Offering Of 3.82 Mln Shares At $131.00/shr

(RTTNews) - Sarepta Therapeutics Inc. (SRPT) said that it priced an underwritten public offering of an aggregate of 3.82 million shares of its common stock at a price to the public of $131.00 per share.

In addition, Sarepta has granted the underwriters a 30-day option to purchase up to an additional 572,550 shares of its common stock on the same terms and conditions as the initial shares sold to the underwriters.

Sarepta anticipates the gross proceeds from the offering, before deducting the underwriter discounts and commissions and other offering expenses, to be approximately $500 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on or about November 13, 2018, subject to customary closing conditions.

Sarepta said it intends to use the net proceeds from the offering principally for the continuation and initiation of further clinical trials, commercialization, manufacturing, business development activities including the potential licensing or acquisition of complementary products and technologies and other general corporate purposes.