Celldex Therapeutics said April 1 it has started an underwritten public offering of common stock, with all shares in the deal coming from the company.
The company also said it expects to give underwriters a 30-day option to buy up to an additional 15% of the shares sold in the offering.
Celldex did not disclose the number of shares or the expected price range. It said the final size and terms will depend on market conditions at pricing.
The company said it plans to use the proceeds, along with existing cash, cash equivalents and marketable securities, to support several priorities: commercial readiness and a potential U.S. launch of barzolvolimab for chronic spontaneous urticaria, continued clinical and preclinical development of product candidates, expansion of its bispecific antibody platform and clinical pipeline, and general corporate purposes.
Leerink Partners and TD Cowen are serving as joint bookrunning managers.
The offering is being made from Celldex’s shelf registration statement that became effective Nov. 3, 2023. Following these announcements, the company's shares moved 0.22%, and are now trading at a price of $31.75. For the full picture, make sure to review Celldex Therapeutics's 8-K report.
