Revolution Medicines, Inc. (RVMD), on Wednesday announced the pricing of its upsized concurrent public offerings totaling $2 billion, comprising stock and convertible senior notes.
The company expects the offerings to close on April 16 for the equity offering and April 17 for the note offering.
The company priced 10.56 million shares of common stock at $142 per share, raising approximately $1.5 billion in gross proceeds, alongside $500 million of 0.50% convertible senior notes due 2033.
The common stock offering size was increased from $750 million, while the note offering was upsized from $250 million.
The company granted underwriters a 30-day option to purchase up to an additional 1.58 million shares.
The notes will bear interest at 0.50% per annum, payable semi-annually, and will mature on May 1, 2033.
The initial conversion rate is 5.0302 shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $198.80 per share, representing a 40% premium to the common stock offering price.
The net proceeds are intended to be used for general corporate purposes, including research and development, commercialization expenses, and capital expenditures.
On Tuesday, Revolution closed trading, 7.86% higher at $147.01 on the Nasdaq. In the overnight trading, 0.66% lesser at $146.04.
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