Aclaris Therapeutics Inc., of Malvern, Pa., said it plans to offer $65 million of its common shares in an underwritten public offering and to grant underwriters a 30-day option to purchase up to $9.75 million in additional shares to fill overallotments. The company said net proceeds will fund regulatory submissions for A-101, its topical solution to treat seborrheic keratosis (SK); development of a commercial sales force to market the product, if approved; continued R&D of A-101 to treat common warts and of the company's JAK inhibitor candidates, ATI-50001 and ATI-50002, to treat alopecia areata; and preclinical development and formulation of a JAK inhibitor candidate to treat androgenetic alopecia and vitiligo, along with other corporate purposes. A day earlier, the company reported it will seek to file an NDA for A-101 in the first quarter and a marketing authorization application in mid-2017 following successful results from two phase III trials in SK. Jefferies LLC, Leerink Partners LLC and Guggenheim Securities LLC are joint book-running managers, with William Blair & Co. LLC and JMP Securities LLC as co-managers for the offering, which was not priced. On Thursday, the company's shares (NASDAQ:ACRS) gained 96 cents to close at $23.82. (See BioWorld Today, Nov. 17, 2016.)
Beigene Ltd., of Waltham, Mass., said it plans to offer $160 million of its American depositary shares (ADS), each representing 13 ordinary shares, and that certain selling stockholders proposed to sell another $15 million of the company's ADSs. Beigene will not receive proceeds from the sale of ADSs by the selling shareholders. However, the company granted underwriters a 30-day option to purchase up to $26.25 million in additional ADSs to fill overallotments. Morgan Stanley, Goldman Sachs & Co. and Cowen and Co. are joint book-running managers. On Thursday, Beigene (NASDAQ:BGNE) closed at $32.70 for a loss of $4.20, or 11.4 percent.
PDL Biopharma Inc., of Incline Village, Nev., said it agreed to sell $150 million in 2.75 percent convertible senior notes due 2021 in an underwritten public offering, with an initial conversion rate of 262.2951 common shares per $1,000 in notes, or equivalent to an initial conversion price of approximately $3.81 per common share. The offering is expected to net about $145.8 million in proceeds. PDL granted underwriters an option to purchase up to $22.5 million in additional notes to cover overallotments. The company plans to use approximately $120 million of net proceeds to repurchase an equivalent amount of its outstanding 4 percent convertible senior notes due 2018. RBC Capital Markets is sole book-running manager and sole structuring advisor for the offering, with Piper Jaffray as lead manager and Roth Capital Partners as co-manager. In connection with the offering, PDL entered a capped call transaction with Royal Bank of Canada, an affiliate of RBC, that is expected generally to offset potential dilution to PDL's common shares and/or any cash payments PDL will be required to make in excess of principal upon conversion of the notes. On Thursday, PDL's shares (NASDAQ:PDLI) closed at $3 for a loss of 5 cents.
Syntimmune Inc., of New York, said the final $8 million tranche of its $26 million series A financing was triggered by dose selection for follow-on phase Ib/IIa studies of lead candidate, SYNT001, to treat immunoglobulin G-mediated autoimmune diseases. The studies are expected to begin in the first half of next year. (See BioWorld Today, March 23, 2016.)