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TESARO, Inc.
TSRO
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.
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