Press release
Insmed Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares
BRIDGEWATER, N.J., May 7, 2020 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM) announced today the closing of the previously announced public offering of
About this update from Insmed Incorporated
[{"type":"text","content":"BRIDGEWATER, N.J., May 7, 2020 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM) announced today the closing of the previously announced public offering of 11,155,000 shares of its common stock, including 1,455,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares, at a public offering price of $23.25 per share. The gross proceeds to Insmed from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Insmed, were approximately $259.4 million. \nInsmed intends to use its net proceeds from this offering to continue to commercialize ARIKAYCE® (amikacin liposome inhalation suspension); conduct further trials of ARIKAYCE, including Insmed's required confirmatory trial to assess and describe the clinical benefit of ARIKAYCE in patients with Mycobacterium avium complex (MAC) lung disease; conduct further trials of brensocatib (formerly known as INS1007), including its planned Phase 3 program in bronchiectasis; fund further clinical development of treprostinil palmitil (formerly known as INS1009); invest in third-party manufacturing capacity; fund business expansion activities in Europe and Japan; fund working capital, potential debt repayment, capital expenditures, and general research and development; and for other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses.\nSVB Leerink acted as sole bookrunning manager for the offering. Credit Suisse and Stifel acted as co-lead managers for the offering. JMP Securities and H.C. Wainwright & Co. acted as co-managers for the offering.\nA shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above has been filed with the Securities and Exchange Commission (SEC), as amended by Post-Effective Amendment No. 1 thereto, and became automatically effective upon filing on May 19, 2017. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus related to this offering may be obtained from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Bos...