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Odonate Therapeutics Prices IPO Of 6.25 Mln Shares At $24/share

Odonate Therapeutics, Inc. (ODT) , a pharmaceutical company focused on patients with cancer, announced late Wednesday the pricing of its initial public offering of 6.25 million shares of common stock at a public offering price of $24.00 per share. The aggregate gross proceeds would be approximately $150 million.

All of the shares of common stock are being offered by Odonate. In addition, the company has granted the underwriters a 30-day option to purchase up to 937,500 additional shares of its common stock at the initial public offering price, less the underwriting discount.

The shares are expected to begin trading on the NASDAQ Global Select Market on December 7 under the ticker symbol "ODT." The offering is expected to close on December 11, subject to customary closing conditions.

Goldman Sachs & Co. LLC and Jefferies are acting as joint book-running managers for the offering. Cowen is also acting as a bookrunner for the offering.

Odonate Therapeutics is a pharmaceutical company, with initial focus on the development of tesetaxel, a novel, orally administered chemotherapy agent belonging to the taxane class. Odonate's goal for tesetaxel is to develop an effective chemotherapy choice for patients that provides quality-of-life advantages over current alternatives.

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