Madrigal Pharmaceuticals Inc. priced an offering of 983,607 shares at $305 apiece to raise $300 million, $100 million more than what it previously expected to raise.
The West Conshohocken, Pa.-based biotechnology company's executives and existing shareholders are looking to sell a separate 363,625 shares, also at the same price. The company will not receive any proceeds from the secondary offering.
Goldman Sachs & Co. LLC is the sole book-running manager of the offering, which is expected to close by June 11. Cowen is a lead manager, while JMP Securities, Roth Capital Partners and H.C. Wainwright & Co. are co-managers.
The underwriters can buy up to an additional 202,084 shares from the company.
