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PTC Therapeutics prices $100M stock offering; to raise $250M via debt

PTC Therapeutics Inc. priced an offering of 2,475,248 shares at $40.40 apiece to raise $100 million.

The South Plainfield, N.J.-based company granted the underwriter a 30-day option to buy up to an additional 371,287 shares at the offer price.

Credit Suisse is sole book-running manager for the offer, which is expected to close on or around Sept. 20.

PTC Therapeutics is also looking to borrow $250 million via the issue of convertible senior notes due 2026. The notes will mature on Sept. 15, 2026, and will bear interest at a rate of 1.50% per year, payable semi-annually.

The company may sell up to an additional $37.5 million of notes if there is additional demand.

All notes issued in the debt offering will be convertible into shares, cash or a combination of both after March 15, 2026, and only under certain circumstances prior to that date.

The debt offering is also expected to close on Sept. 20.

PTC Therapeutics is a biopharmaceutical company developing therapies for rare disorders. The company offers Translarna and Emflaza for treating patients with Duchenne muscular dystrophy.