Scholar Rock Announces Closing of Public Offering and Full Exercise of Option to Purchase Additional Shares
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Scholar Rock announces the closing of its underwritten public offering, raising approximately $97.8 million.
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Scholar Rock raised approximately $97.8 million in its underwritten public offering.
The offering included the sale of 14,270,074 shares of common stock at a price of $6.85 per share.
J.P. Morgan Securities LLC and Piper Sandler & Co. acted as joint book-running managers for the offering.
10/16/2023 - 04:15 PM
CAMBRIDGE, Mass. --(BUSINESS WIRE)--
Scholar Rock Holding Corporation (Nasdaq: SRRK), a Phase 3 clinical-stage biopharmaceutical company focused on the treatment of serious diseases in which protein growth factors play a fundamental role, today announced the closing of its previously announced underwritten public offering of 14,270,074 shares of common stock, which includes the exercise in full by the underwriters of their option to purchase an additional 1,861,314 shares, at the public offering price of $6.85 per share. Gross proceeds to Scholar Rock in the offering, before underwriting discounts and estimated expenses of the offering, were approximately $97.8 million .
J.P. Morgan Securities LLC and Piper Sandler & Co. acted as joint book-running managers for the offering. BMO Capital Markets Corp. and Wedbush Securities Inc. acted as co-managers for the offering.
The securities described above are being offered by Scholar Rock pursuant to a shelf registration statement on Form S-3 (No. 333-268329) that was declared effective by the Securities and Exchange Commission (SEC) on November 25, 2022. A prospectus supplement describing the terms of the offering has been filed with the SEC and is available on the SEC’s website located at www.sec.gov . A copy of the final prospectus supplement and accompanying prospectus relating to the securities may also be obtained, by contacting: J.P. Morgan Securities LLC, c/o: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com ; or Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, by telephone at 800-747-3924 or by email at prospectus@psc.com .
This press release does 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About Scholar Rock
Scholar Rock is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. Scholar Rock is creating a pipeline of novel product candidates with the potential to transform the lives of patients suffering from a wide range of serious diseases, including neuromuscular disorders, cancer, and fibrosis. Scholar Rock’s approach to targeting the molecular mechanisms of growth factor activation enabled it to develop a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target these signaling proteins at the cellular level. By developing product candidates that act in the disease microenvironment, the Company intends to avoid the historical challenges associated with inhibiting growth factors for therapeutic effect. Scholar Rock believes its focus on biologically validated growth factors may facilitate a more efficient development path.
Scholar Rock® is a registered trademark of Scholar Rock, Inc.
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Scholar Rock:
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Source: Scholar Rock Holding Corporation
What is the purpose of Scholar Rock's underwritten public offering?
The purpose of the offering is to raise funds for Scholar Rock.
How much money did Scholar Rock raise in the offering?
Scholar Rock raised approximately $97.8 million in the offering.
How many shares of common stock were sold in the offering?
A total of 14,270,074 shares of common stock were sold in the offering.
What was the price per share in the offering?
The price per share in the offering was $6.85.
Who were the book-running managers for the offering?
J.P. Morgan Securities LLC and Piper Sandler & Co. acted as joint book-running managers for the offering.
Scholar Rock Holding Corp
SRRK Stock Data
Industry
Research and Development in Biotechnology
Sector
Professional, Scientific, and Technical Services
Tags
Health Technology, Biotechnology
Country
US
About SRRK
scholar rock® is a biotechnology company focused on discovering and developing a new class of biologic therapies called "niche modulators" that selectively target the activation of growth factors in the disease microenvironment. our initial proprietary and partnered drug discovery programs target specific growth factors, including members of the tgf-beta superfamily, which play a fundamental role in regulating cell growth and differentiation and are present in the microenvironments of significant diseases such as fibrosis, diseases of the musculoskeletal systems, and autoimmune diseases. the company’s therapeutic approach is enabled by discoveries made by scholar rock’s scientific founders—professors timothy springer, phd, and leonard zon, md, both of children's hospital boston and harvard medical school—related to the molecular mechanisms of growth factor activation. scholar rock is backed by leading life sciences investors, including polaris partners, arch venture partners, timothy s
