SAN DIEGO--(BUSINESS WIRE)--
Retrophin, Inc. (NASDAQ:RTRX), a biopharmaceutical company focused on
the discovery and development of drugs for the treatment of catastrophic
diseases that are debilitating and often life-threatening, and for which
there are currently limited patient options, today announced the pricing
of an underwritten public offering of 6,840,000 shares of its common
stock at a price to the public of $19.00 per share. The gross proceeds
to Retrophin from this offering, before deducting underwriting discounts
and commissions and offering expenses payable by Retrophin, are expected
to be approximately $130.0 million. Retrophin has granted the
underwriters a 30-day option to purchase up to an aggregate of 1,026,000
additional shares of common stock. The offering is expected to close on
or about March 24, 2015, subject to customary closing conditions.
Retrophin anticipates using the net proceeds from the offering to fund
its research and development efforts, acquisitions or investments in
additional complementary businesses, products and technologies,
including $27 million to fund the initial cash milestone payment payable
in connection with the acquisition of an additional clinical asset from
Asklepion Pharmaceuticals, LLC, and for general corporate purposes,
including working capital.
Leerink Partners LLC and Deutsche Bank Securities Inc. are acting as
joint book-running managers for the offering. Nomura Securities
International, Inc. and JMP Securities LLC are acting as co-managers for
the offering.
Registration statements relating to these securities have become
effective as of March 18, 2015. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with the
Securities and Exchange Commission (the "SEC") and available for free on
the SEC's website at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to these securities may also be obtained, when
available, from Leerink Partners LLC, Attention: Syndicate Department,
One Federal Street, 37th Floor, Boston, MA, 02110, or by email at syndicate@leerink.com,
or by phone at (800) 808-7525 ext. 6142, or from Deutsche Bank
Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York,
New York 10005-2836, or at 1-800-503-4611 or prospectus.cpdg@db.com.
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 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.
Forward-Looking Statements
In addition to historical facts, this press release contains
forward-looking statements that involve a number of risks and
uncertainties such as those, among others, relating to Retrophin's
expectations regarding the completion, of the public offering and the
expected net proceeds from the offering and the anticipated use of
proceeds therefrom. Among the factors that could cause actual results to
differ materially from those indicated in the forward-looking statements
are risks and uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the offering, as
well as risks and uncertainties associated with Retrophin's business and
finances in general, and the other risks described in Retrophin's annual
report on Form 10-K and Form 10-K/A for the year ended December 31, 2014
and other filings with the SEC. Retrophin undertakes no obligation to
update the statements contained in this press release after the date
hereof.
Retrophin, Inc.
Chris Cline, CFA, 646-564-3680
Manager,
Investor Relations
IR@retrophin.com
Source: Retrophin, Inc.
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