Xenon Pharmaceuticals announces $500 million public offering

Xenon Pharmaceuticals Inc. (NASDAQ: XENE) announced it has commenced an underwritten public offering of $500 million of its common shares. The Vancouver and Boston-based neuroscience-focused biopharmaceutical company said all shares in the offering are being sold by Xenon.

The company intends to grant underwriters a 30-day option to purchase up to an additional $75 million of common shares at the public offering price, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, with no assurance as to whether or when it may be completed.

J.P. Morgan, Jefferies, TD Cowen, Stifel, RBC Capital Markets, and William Blair are serving as joint book-running managers for the proposed offering. Baird is acting as lead manager.

The offering is being conducted pursuant to an automatically effective shelf registration statement filed with the Securities and Exchange Commission on August 9, 2024. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering will be filed with the SEC.

Xenon's lead molecule, azetukalner, is described as a potassium channel opener currently in Phase 3 clinical trials for treating epilepsy, major depressive disorder, and bipolar depression. The company is also advancing early-stage programs including potassium and sodium channel modulators in Phase 1 development for potential pain treatment.

The press release notes that no securities are being offered or sold in Canada or to Canadian residents. The company stated the offering announcement does not constitute an offer to sell or solicitation to buy securities in jurisdictions where such activities would be unlawful.

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