WALTHAM, Mass., March 3, 2015 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO) announced today that it has priced an underwritten public offering of an aggregate of 3,400,000 shares of its common stock at a price to the public of $51.00 per share. The gross proceeds from the offering will be approximately $173.4 million. In addition, TESARO has granted the underwriters a 30-day option to purchase up to an additional 510,000 shares of its common stock on the same terms and conditions to cover over-allotments. TESARO anticipates that the aggregate net proceeds from the offering will be approximately $162.7 million, after deducting the underwriting discount and estimated offering expenses payable by TESARO, but excluding any exercise of the underwriters' over-allotment option. The offering is expected to close on or about March 9, 2015, subject to customary closing conditions. Citigroup, Leerink Partners and Deutsche Bank Securities are acting as joint book-running managers for the offering, with BMO Capital Markets, Robert W. Baird & Co. Incorporated and Mizuho acting as co-managers for the offering.
The shares described above will be issued by TESARO pursuant to its automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission ("SEC") on July 1, 2013. A preliminary prospectus supplement and related prospectus related to the offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and related prospectus relating to this offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone at 1-800-831-9146 or email at prospectus@citi.com, from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, via telephone at 1-800-808-7525 (ext. 6142) or email at syndicate@leerink.com, or from Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street, New York, NY 10005-2836, via telephone at 1-800-503-4611 or email at prospectus.cpdg@db.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor will 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 such state or other jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including statements regarding the proposed public offering. More information about potential factors that could affect TESARO's business and financial results is contained in its annual report on Form 10-K, its quarterly reports on Form 10-Q and other filings with the SEC. TESARO does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
About TESARO
TESARO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer and more effective therapeutics.