TESARO Close Offering, Full Exercise of Underwriter's Over-Allotment Option

TESARO, Inc.

announced today the closing of its previously announced underwritten public offering of common stock. The total number of shares of common stock sold was 5,428,000, composed of 4,720,000 shares of common stock initially offered and an additional 708,000 shares of common stock sold pursuant to the full exercise of the underwriters' over-allotment option, in each case at a public offering price of $18.00 per share. As a result, aggregate net proceeds to the Company, after underwriting discounts and commissions and other estimated offering expenses, will be approximately $91.2 million. The Company expects to use the net proceeds of this offering to fund its development programs, including clinical trials for its product candidates, rolapitant, niraparib and TSR-011; and for working capital and general corporate purposes. The Company may also use a portion of the proceeds to in-license or acquire, as the case may be, product candidates, technologies, compounds, other assets or complementary businesses, though the Company has no current understandings, agreements or commitments to do so.