Bicycle Therapeutics Prices $175 Mln ADS

U.K.-based Bicycle Therapeutics plc (BCYC), a biotechnology company pioneering proprietary bicyclic peptide technology-based therapeutics, on Wednesday announced $54 as the price per American Depositary Shares (ADS) of its underwritten and upsized public offering of 3,240,741 ADS. The public offering in which each ADS represents one ordinary share, is expected to fetch gross proceeds of $175.0 million and close on or about October 15.

The underwriters have been granted a 30-day option to purchase up to 486,111 additional ADSs at the public offering price. Bicycle plans to use the net proceeds from the offering to advance its proprietary product pipeline and for other research and development, as well as for general corporate purposes.

Goldman Sachs & Co. LLC, Morgan Stanley and SVB Leerink are acting as joint book-running managers for the offering. JMP Securities is acting as co-manager for the offering.

Shares of Bicycle Therapeutics closed Tuesday's trading at $54.51, up $0.78 or 1.45 percent from previous close.

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