Deciphera Pharmaceuticals Inc. priced an offering of 10,810,810 common shares at $37 each to raise funds for the clinical trials of its cancer drugs.
The Waltham, Mass.-based biopharmaceutical company also granted underwriters a 30-day option to buy up to 1,621,621 additional common shares.
Deciphera expects gross proceeds of $400 million from the offering — up from the $200 million offering size the company previously announced.
The company plans to use the net proceeds to fund clinical trials for its cancer drugs ripretinib, rebastinib and DCC-3014. Part of the proceeds will be used for new and ongoing research activities for future drug candidates, for commercial and medical affairs capabilities and working capital purposes.
J.P. Morgan, Piper Jaffray and Jefferies acted as joint book-running managers for the offering, while Guggenheim Securities acted as lead manager. SunTrust Robinson Humphrey acted as co-manager for the offer.
On Aug. 13, Deciphera said it will seek U.S. approval for ripretinib after results from a late-stage trial showed that the drug extended the lives of certain patients with gastrointestinal stromal tumors without their disease worsening.