Structure Therapeutics Sets $300 Mln Private Placement Equity Financing
(RTTNews) - Biopharmaceutical company Structure Therapeutics Inc. (GPCR) announced Friday it has entered into a share purchase agreement for the sale of 21.62 million ordinary shares and 2.40 million newly designated non-voting ordinary shares (the equivalent of an aggregate of 8.01 million American Depositary Shares, each representing three ordinary shares) at $12.49 per share (based on the closing price of $37.47 per ADS on September 28, 2023) through a private placement financing.
Each share of non-voting ordinary shares will be convertible into one ordinary share.
Structure Therapeutics anticipates the gross proceeds from the private placement to be approximately $300 million, before deducting placement agent fees and offering expenses.
The company plans to use the net proceeds from this financing to accelerate GSBR-1290 development and its earlier programs from its broad oral incretin franchise forward, including next-generation GLP-1/GIPR combination and oral small molecule amylin receptor agonist. It expects to deliver development candidates for both programs in 2024.
The private placement is anticipated to close on October 3, 2023, subject to customary closing conditions.
The financing includes significant participation from a number of large healthcare dedicated institutional and mutual fund investors.
Swiss Market Ends Modestly Higher
European Stocks Rise On Oil Decline, Middle East Peace Hopes
U.S. Consumer Sentiment Drops Less Than Previously Estimated In September
Bay Street Poised For Positive Open On Metal Gains
U.S. Durable Goods Orders Unexpectedly Unchanged In August
FTSE 100 Edges Higher On Mining, Banking Strength
Canadian Dollar Falls As Crude Oil Prices Slide
