(RTTNews) - CRISPR Therapeutics (CRSP) intends to sell 4.25 million shares of its common stock in a public offering at a price of $64.50 per share.
The company has also granted the underwriters a 30-day option to buy up to 637,500 additional common shares.
CRISPR expects gross proceeds from this offering to be approximately $274.1 million.
Goldman Sachs & Co. LLC, Piper Jaffray & Co. and Jefferies LLC are acting as joint book-running managers for this offering.
In July this year, CRISPR signed a deal to allow Vertex Pharma (VRTX) to use the CRISPR-Cas9 technology for developing treatments for Duchenne muscular dystrophy and myotonic dystrophy type 1, genetic conditions causing muscle weakness and loss. The deal is worth up to $1 billion including an upfront payment of $175 million.
Lead drug candidate of the company, CTX110, is in phase I/II study in patients with relapsed or refractory B-Cell malignancies. Preliminary safety and efficacy data are expected by late 2019.
Another drug in the pipeline, CTX001, is in phase I/II study in severe sickle cell disease (SCD) and Terminal deoxynucleotidyl transferase (TDT). CTX001 is the first treatment that comes up from the joint research program signed by CRISPR and Vertex in 2015 to use the CRISPR-Cas9 technology to discover and develop new treatments.
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