Travere Therapeutics Announces Completion of Public Offering of Common Stock and Exercise in Full of Underwriters’ Option to Purchase Additional Shares
Rhea-AI Summary
Travere Therapeutics has completed its previously announced public offering of 8,984,375 shares of common stock at $16.00 per share, including 1,171,875 shares from the full exercise of underwriters' option. The offering generated gross proceeds of approximately $143.8 million before deducting underwriting discounts and expenses. Jefferies and Leerink Partners served as joint book-running managers, with Wedbush PacGrow as co-manager. The offering was made pursuant to a shelf registration statement that became effective on August 1, 2024.
Positive
- Successfully raised $143.8 million in gross proceeds
- Full exercise of underwriters' option indicates strong demand
- Completed offering at $16.00 per share
Negative
- Potential dilution of existing shareholders due to issuance of 8.98M new shares
News Market Reaction – TVTX
In the trading session that priced this news, TVTX declined 1.01%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN DIEGO, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (Nasdaq: TVTX) today announced the completion of its previously announced underwritten public offering of 8,984,375 shares of its common stock at a price to the public of
Jefferies and Leerink Partners acted as the joint book-running managers for the offering and Wedbush PacGrow acted as co-manager.
The shares of common stock described above were offered by Travere pursuant to a shelf registration statement filed by Travere with the Securities and Exchange Commission (SEC) that became automatically effective on August 1, 2024. A final prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus related to this offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.
About Travere Therapeutics
At Travere Therapeutics we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow.
Contact:
888-969-7879
IR@travere.com
