Myovant Sciences Ltd. priced an underwritten public offering of its common shares at $8.25 apiece to raise about $125 million in gross proceeds, above the $100 million originally planned.
The London-based biotechnology company, which develops and commercializes therapies for women's health and prostate cancer, will sell 15,151,516 common shares in the offering. Myovant has also granted underwriters an option to purchase up to an additional 2,272,727 common shares.
The company intends to use net proceeds to fund clinical development programs, including the phase 3 Liberty 2 trial for the treatment of uterine fibroids — noncancerous growths of the uterus that often appear during childbearing years — and heavy menstrual bleeding.
Funds will also be used for the phase 3 Hero trial for treating advanced prostate cancer.
Additionally, the company expects to spend proceeds on potential regulatory approvals and sale of lead product candidate relugolix, working capital and other general corporate purposes.
Myovant expects to close the offering June 4, subject to closing conditions.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Cowen and Co. LLC and Evercore Group LLC are the joint book-running managers for the offering.