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London's Orchard Therapeutics starts offering of American depositary shares

Orchard Therapeutics PLC launched an offering of 9 million of its American depositary shares, each representing an ordinary share in the company.

The London-based biopharmaceutical company is also granting underwriters a 30-day option to buy up to an additional 1,350,000 ADSs.

Orchard plans to use the net proceeds to fund the development of its product candidates and the commercialization of its gene therapy Strimvelis in the EU. Proceeds will also be used for the expansion of the company's marketing and sales infrastructure in key markets such as Europe and the U.S., for business development and for general corporate purposes.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Cowen and Co. LLC and Barclays Capital Inc. are acting as joint book-running managers for the offering. Guggenheim Securities LLC and Wedbush Securities Inc. are acting as lead manager and co-manager, respectively.