Savara Inc. will issue 8,421,053 common shares in an underwritten public offering at a price of $4.75 per share, with expected gross proceeds of about $40.0 million.
The company has granted the underwriters an option to buy up to 1,263,157 additional shares.
Zambon SpA is purchasing 4,693,540 shares in this offering and will hold about 19.9% of Savara's outstanding shares immediately after this offering, assuming no exercise of the option granted to the underwriters.
The offering is expected to close June 7, subject to customary closing conditions.
Savara plans to use the net proceeds from this offering for working capital and general corporate purposes, which include, but are not limited to, the funding of clinical development of and pursuing regulatory approval for its product candidates, and general and administrative expenses.
Jefferies LLC is acting as the sole book-running manager for the offering. Canaccord Genuity Inc. and JMP Securities LLC are acting as the lead managers for the offering.