CONSHOHOCKEN, Pa., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), today announced the pricing of its underwritten public offering of 1,248,098 shares of its common stock at a public offering price of $151.69 per share, and, to certain investors, pre-funded warrants to purchase 2,048,098 shares of common stock at a price of $151.6899 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each such pre-funded warrant. The gross proceeds to Madrigal from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $500 million. Madrigal has granted the underwriters of the offering a 30-day option to purchase up to an additional 494,429 shares of common stock from the company at the public offering price, less underwriting discounts and commissions.
Madrigal intends to use the net proceeds from this offering for its clinical and commercial activities in preparation for a potential launch of resmetirom in the U.S. and for general corporate purposes, including, without limitation, research and development expenditures, clinical trial expenditures, manufacture and supply of drug substance and drug products, potential acquisitions or licensing of new technologies, capital expenditures and working capital.
Goldman Sachs & Co. LLC, Jefferies, TD Cowen, Evercore ISI and Piper Sandler are acting as joint bookrunning managers of the offering. The offering is expected to close on October 3, 2023, subject to the satisfaction of customary closing conditions.
The shares are being offered by Madrigal pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange ...