Celldex Therapeutics Inc. (CLDX) announced the pricing of an upsized underwritten public offering of 8.52 million shares of its common stock at a public offering price of $47.00 per share.
Celldex has granted the underwriters a 30-day option to purchase up to an additional 1.28 million shares of common stock at the public offering price, less underwriting discounts and commissions.
The company expects to receive gross proceeds from the offering, excluding the exercise of the underwriters' option, if any, of approximately $400.4 million, excluding underwriting discounts and commissions and other offering-related expenses. The offering is expected to close on or about March 5, 2024, subject to customary closing conditions.
Celldex noted that it plans to use the net proceeds from the offering to continue clinical and preclinical development of its product candidates, including current and future development of barzolvolimab, growing its bispecific antibody platform and clinical candidates, funding ongoing efforts to develop additional clinical pipeline products and for general corporate purposes.
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