Array Biopharma (ARRY) Prices 18.4M Share Stock Offering for Proceeds of ~$115M

September 28, 2016 6:11 AM EDT

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Array BioPharma Inc. (Nasdaq: ARRY) announced the pricing of an underwritten public offering of 18,400,000 shares of its common stock at a public offering price of $6.25 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and offering expenses, are expected to be approximately $115 million. The offering is expected to close on or about October 3, 2016, subject to customary closing conditions. Array also granted the underwriters a 30-day option to purchase up to 2,760,000 additional shares of common stock. All of the shares sold in the offering are being sold by Array.

Array intends to use the net proceeds to fund research and development efforts, including clinical trials for its proprietary candidates, build and scale commercial capability, and for general corporate purposes, including general working capital purposes.

J.P. Morgan Securities LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. Stifel and Wells Fargo Securities, LLC are acting as lead managers and SunTrust Robinson Humphrey, Inc. is acting as co-manager.

The shares are being offered by Array pursuant to a shelf registration statement that was previously filed with and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC, and is available on the SEC's website at

Copies of the preliminary prospectus supplement and the accompanying prospectus, and when available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may also be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 866-803-9204, or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, New York, 11717, Attn: Prospectus Department, telephone: 631-274-2806.

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