Tesaro Inc. (TSRO) announced that it has priced an underwritten public offering of an aggregate of 4.72 million 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.
The company 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.
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