Verastem (VSTM) Prices $51.9M Common Stock Offering

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July 17, 2013 9:25 AM EDT
Verastem, inc. (Nasdaq: VSTM) announced the pricing of its previously announced underwritten public offering of 3,700,000 shares of its common stock, offered at a price of $15.00 per share to the public. The net proceeds to Verastem from this offering are expected to be approximately $51.9 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Verastem. All of the shares sold in the offering will be sold by Verastem. The offering is expected to close on or about July 22, 2013, subject to the satisfaction of customary closing conditions. Verastem has granted to the underwriters a 30-day option to purchase up to 555,000 additional shares of common stock. Verastem anticipates using the net proceeds from the offering for preclinical and clinical development of its lead product candidates, discovery, research and preclinical studies of its other product candidates, additional compounds and companion diagnostics, and other general corporate purposes.

Jefferies LLC and Leerink Swann LLC are acting as joint book-running managers in the offering, and JMP Securities LLC, Oppenheimer & Co. Inc., Lazard Capital Markets LLC, Guggenheim Securities, Roth Capital Partners, LLC and Cantor Fitzgerald & Co. are acting as co-managers in the offering.

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