TESARO Prices 4.72M Share Offering at $18.00/Share
TESARO (NASDAQ: TSRO) announced today that it has priced an underwritten public offering of an aggregate of 4,720,000 shares of its common stock at a price to the public of $18.00 per share. The gross proceeds from the offering will be approximately $85 million upsized from the previously announced $75 million. In addition, TESARO has granted the underwriters a 30-day option to purchase up to an additional 708,000 shares of its common stock on the same terms and conditions to cover over-allotments. TESARO anticipates that the aggregate net proceeds from the offering will be approximately $79.2 million, after deducting the underwriting discount and estimated offering expenses payable by TESARO, but excluding any exercise of the underwriters' over-allotment option. The offering is expected to close on or about March 5, 2013, subject to customary closing conditions.
Citigroup and Morgan Stanley are acting as joint book-running managers for the offering with Leerink Swann, Deutsche Bank Securities, BMO Capital Markets and Baird acting as co-managers for the offering.
The shares described above will be issued by TESARO pursuant to a registration statement on Form S-1 declared effective by the Securities and Exchange Commission (SEC) on February 27, 2013. The offering