Verastem announces pricing of public offering of common stock
Verastem Inc., a Cambridge company focused on discovering and developing drugs to treat cancer by the targeted killing of cancer stem cells, announced Wednesday the pricing of its previously announced underwritten public offering of 3.7 million shares of its common stock, offered at a price of $15 per share to the public.
The net proceeds to Verastem from this offering are expected to be about $51.9 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Verastem, the company said in a press release. All of the shares sold in the offering will be sold by Verastem.
The company added that it anticipates using the net proceeds from the offering for preclinical and clinical development of its lead product candidates, discovery, research and preclinical studies of its other product candidates, and other general corporate purposes.
Jefferies LLC and Leerink Swann LLC are acting as joint book-running managers in the offering, and JMP Securities LLC, Oppenheimer & Co. Inc., Lazard Capital Markets LLC, Guggenheim Securities, Roth Capital Partners LLC, and Cantor Fitzgerald & Co. are acting as co-managers in the offering.Chris Reidy can be reached at email@example.com.