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Reata Pharmaceuticals closes offering of class A common stock

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Reata Pharmaceuticals closes offering of class A common stock

Reata Pharmaceuticals Inc. closed an underwritten public offering of 3,450,000 class A common shares, priced $72 each.

Shares sold include 450,000 shares acquired by the underwriters as part of the full exercise of the overallotment option.

The Irving, Texas-based drug developer raised gross proceeds of about $248.4 million. Net proceeds will go toward working capital and general corporate purposes, including development of bardoxolone methyl and omaveloxolone, filing of new drug applications and commercialization of potential products.

Jefferies LLC, Leerink Partners LLC, Stifel, Nicolaus & Co. Inc. and Cantor Fitzgerald & Co. acted as joint book-running managers for the offering, with Ladenburg Thalmann & Co. Inc. as co-manager.