CRISPR Therapeutics AG (NASDAQ: CRSP) announced plans to offer $350 million in convertible senior notes due 2031 through a private placement to qualified institutional buyers.

The biotechnology company said it will grant initial purchasers an option to buy up to an additional $52.5 million of the notes within 13 days of issuance. The notes will be senior, unsecured obligations that accrue interest payable twice yearly on March 1 and September 1, beginning September 1, 2026.

The notes mature on March 1, 2031, unless converted, redeemed or repurchased earlier. Upon conversion, the company will deliver common shares with a nominal value of CHF 0.03 per share. Interest rate, initial conversion rate and other terms will be determined at pricing.

CRISPR Therapeutics plans to use net proceeds for general corporate purposes, according to the company's statement.

The offering will be conducted under Rule 144A of the Securities Act of 1933 as a private placement. The notes and underlying shares have not been registered under securities laws and cannot be offered or sold without exemption from registration requirements.

The Switzerland-based company develops gene-based therapies and received approval for CASGEVY, described as the first CRISPR-based therapy for sickle cell disease and transfusion-dependent beta thalassemia patients. The company maintains operations in Boston and San Francisco.