Arrowhead Pharmaceuticals Closes Underwritten Public Offering with Gross Proceed

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Arrowhead Pharmaceuticals Closes Underwritten Public Offering with Gross Proceeds of $266.8 Million
Dec 6, 2019 at 4:01 PM EST
PASADENA, Calif. --(BUSINESS WIRE)--Dec. 6, 2019-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced that on December 6, 2019 it closed the previously announced underwritten public offering of 4,600,000 shares of its common stock, which included shares issued upon the exercise in full
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PASADENA, Calif.--(BUSINESS WIRE)--Dec. 6, 2019-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced that on December 6, 2019 it closed the previously announced underwritten public offering of 4,600,000 shares of its common stock, which included shares issued upon the exercise in full by the underwriters of their option to purchase 600,000 additional shares. The offering was priced at $58.00 per share, and the company received gross proceeds of $266.8 million, before deducting underwriting discounts, commissions and other offering expenses payable by the company.

Goldman Sachs & Co. LLC, Jefferies LLC and Piper Jaffray & Co. are acting as bookrunning managers for the offering, Cantor Fitzgerald & Co. is acting as passive joint bookrunner for the offering and Robert W. Baird & Co. Incorporated and B. Riley FBR, Inc. are acting as co-managers for the offering. Arrowhead intends to use the net proceeds from this offering for general corporate purposes, including working capital, capital expenditures, research and development expenditures and clinical trial expenditures. A portion of the net proceeds may also be used for the acquisition of complementary businesses, products and technologies, or for other strategic purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference, or RNAi, mechanism to induce rapid, deep, and durable knockdown of target genes. RNAi is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead's RNAi-based therapeutics leverage this natural pathway of gene silencing.