CERE - Cerevel Therapeutics prices $300M in notes offering $254M in stock offering

• Cerevel Therapeutics ( NASDAQ: CERE ) priced its earlier announced private offering of $300M principal amount of 2.50% convertible senior notes due 2027.
• Initial purchasers granted 13-day option to purchase up to an additional $45M principal amount of the notes.
• Offer is expected to close on Aug.16, 2022.
• The notes will be senior, unsecured obligations of Cerevel and will accrue interest at 2.50% per annum, payable semi-annually, starting Feb.15, 2023.
• Notes will mature on Aug.15, 2027.
• The company also priced its public underwritten offering of 7.25M shares at a public offering price of $35/share or ~$253.8M of shares; underwriters granted 30-day option to purchase up to an additional 1.09M shares.
• The concurrent offering of stock is expected to close on Aug.16, 2022.
• Net proceeds from notes offering is estimated at ~$291.1M while from concurrent offering of stock it is expected to be ~$$238.3M.
• Proceeds from both to be used for supporting the continued development of emraclidine, to evaluate the potential of emraclidine in other populations, including Alzheimer’s disease psychosis, accelerate market development and pre-commercial planning activities for emraclidine and tavapadon and for general corporate purposes, including to extend its cash runway.

For further details see: