BCYC - Bicycle Therapeutics shares slide on plans for $200M ADS offering
2023-07-12 16:10:15 ET
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Bicycle Therapeutics ( NASDAQ: BCYC ) plans to conduct a public offering of its American Depositary Shares to raise $200 million, the company said Wednesday.
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Each ADS represents one ordinary share and, in lieu of ADSs for investors that so choose, non-voting ordinary shares.
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All of the ADSs and non-voting ordinary shares in the proposed offering will be sold by the company.
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The underwriters in the offering have a 30-day option to purchase up to an additional $30 million of ADSs.
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The net proceeds from the offering will be used to fund the continued development of its proprietary pipeline and for other research and development, as well as for general corporate purposes.
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The pricing terms of the offering were not disclosed.
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Goldman Sachs & Co. LLC, Jefferies, and Leerink Partners are acting as joint book-running managers for the proposed offering.
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Shares -7.5% at $20.35 after hours.
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Bicycle Therapeutics shares slide on plans for $200M ADS offering