Generation Bio Announces Pricing of Initial Public Offering

Rhea-AI Summary

Generation Bio Co. (Nasdaq: GBIO) has priced its initial public offering (IPO) at $19.00 per share, offering 10,526,316 shares, with gross proceeds expected to be around $200 million. The underwriters hold a 30-day option for an additional 1,578,947 shares. Trading under the symbol 'GBIO' is set to begin on June 12, 2020. J.P. Morgan, Jefferies, and Cowen are the joint bookrunning managers for the offering, which will close on June 16, 2020, pending customary conditions.

Positive

• IPO priced at $19.00, raising approximately $200 million in gross proceeds.
• Underwriters have an option for additional shares, indicating demand.
• Listing on Nasdaq Global Select Market enhances visibility and credibility.

Negative

• Potential dilution for existing shareholders due to additional shares being offered.

CAMBRIDGE, Mass., June 11, 2020 (GLOBE NEWSWIRE) -- Generation Bio Co. (Nasdaq: GBIO), an innovative genetic medicines company creating a new class of gene therapy, today announced the pricing of its initial public offering of 10,526,316 shares of its common stock at an initial public offering price of $19.00 per share. In addition, Generation Bio has granted the underwriters a 30-day option to purchase up to 1,578,947 additional shares of common stock at the initial public offering price, less the underwriting discount and commissions. All of the shares are being offered by Generation Bio.

Generation Bio has been approved for listing on the Nasdaq Global Select Market and is expected to begin trading on Friday, June 12, 2020 under the ticker symbol “GBIO.” The gross proceeds of the offering, before deducting the underwriting discount and commissions and other offering expenses payable by Generation Bio, are expected to be approximately $200 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on Tuesday, June 16, 2020, subject to customary closing conditions.

J.P. Morgan, Jefferies, and Cowen are acting as joint bookrunning managers for the offering. Wedbush PacGrow is acting as lead manager for the offering.

A registration statement relating to the securities being sold in this offering has been filed with, and declared effective by, the Securities and Exchange Commission. This offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to this offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone by calling collect at (212) 834-4533, or by email at prospectus-eq_fi@jpmchase.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
                    
About Generation Bio
Generation Bio is an innovative genetic medicines company focused on creating a new class of gene therapy to provide durable, redosable treatments for patients suffering from both rare and prevalent diseases. The company’s non-viral platform incorporates a proprietary high-capacity DNA construct called closed-ended DNA, or ceDNA; a novel cell-targeted lipid nanoparticle delivery system, or ctLNP; and an established, scalable capsid-free manufacturing process. The company is designing therapies to provide targeted delivery of genetic payloads that include large and multiple genes across a broad array of tissues, and to be redosable for individualized and extended treatment throughout a patient’s life. The platform is designed to expand access to treatments for rare diseases and to address prevalent diseases through efficient, scalable manufacturing.

Contact:

Investors
Monique Allaire
THRUST Strategic Communications
monique@thrustsc.com
+1-617-895-9511

Media
Stephanie Simon
Ten Bridge Communications
stephanie@tenbridgecommunications.com
+1-617-581-9333

FAQ

What is the initial public offering price for Generation Bio (GBIO)?

The initial public offering price for Generation Bio is $19.00 per share.

How many shares is Generation Bio offering in its IPO?

Generation Bio is offering 10,526,316 shares in its initial public offering.

When will Generation Bio start trading on the Nasdaq?

Generation Bio is expected to begin trading on the Nasdaq on June 12, 2020.

What are the gross proceeds expected from Generation Bio's IPO?

The gross proceeds from Generation Bio's IPO are expected to be approximately $200 million.

Who are the joint bookrunning managers for Generation Bio's IPO?

J.P. Morgan, Jefferies, and Cowen are acting as joint bookrunning managers for the offering.

What ticker symbol will Generation Bio use on the Nasdaq?

Generation Bio will trade under the ticker symbol 'GBIO' on the Nasdaq.