Business
Fate Therapeutics Announces Pricing of Public Offering of Common Stock
SAN DIEGO, June 09, 2020 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (the “Company” or “Fate Therapeutics”) (NASDAQ: FATE), a clinical-stage biopharmaceutical
About this update from Fate Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, June 09, 2020 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (the “Company” or “Fate Therapeutics”) (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, today announced the pricing of an underwritten public offering of 6,181,562 shares of its common stock at a public offering price of $28.31 per share, before underwriting discounts, for an aggregate offering of approximately $175 million. Fate Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 927,234 shares of its common stock. The proceeds to Fate Therapeutics from this offering are expected to be approximately $164.2 million after deducting underwriting discounts and commissions and other estimated offering expenses but excluding any exercise of the underwriters’ option. Fate Therapeutics intends to use the net proceeds from the offering to fund clinical trials and nonclinical studies, the manufacture of its clinical product candidates, the expansion of its cGMP compliant manufacturing operations, including the construction, commissioning and qualification of its new facility, the conduct of preclinical research and development, and for general corporate purposes. All shares of common stock to be sold in the offering are being offered by Fate Therapeutics. The offering is expected to close on or about June 11, 2020, subject to customary closing conditions. \n Subject to the completion of the offering and the expiration or early termination of applicable waiting periods relating to certain antitrust filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the Company also expects to sell to Johnson & Johnson Innovation-JJDC, Inc. in a private placement, 1,766,160 shares of common stock for an aggregate purchase price of approximately $50.0 million, at a price per share equal to the price to the public in the underwritten public offering. Jefferies, SVB Leerink, Barclays and Guggenheim Securities are acting as joint book-running managers for the offering. Mizuho Securities is acting as lead manager for the offering, and H.C. Wainwright & Co. is acting as co-manager for the offering. The securities described above are being offered by Fate Therapeutics pursuant to an automatic shelf registration state...