Kite Pharma Inc (NASDAQ:KITE), of the top biotech stocks has announced the pricing of its 4,750,000 shares of common stock that was previously underwritten the stock will be priced at $75.00 per share. The public offering will close on or about March 7, 2017 according to customary closing conditions of public offerings. Additionally, the underwriters have a 30-day option to buy up the additional 712,500 shares of common stock at the price of the public offering less commissions and underwriting discounts.
Jefferies LLC has been appointed as the main manger of the offering. RBC Capital Markets, LLC and Cowen and Company, LLC are acting co-managers.
Kite is offering these securities pursuant to a shelf statement of registration that was filed with Securities and Exchange Commission (SEC) on December 8, 2015. Following the offering, the statement automatically becomes effective. The company has filed a preliminary prospectus supplement and all related prospectus with the Securities and Exchange Commission. Copies of the prospectus can be accessed via the SEC’s website. Final copies of the prospectus and all related prospectus relating to the public offering will be made available and accessed from Jefferies LLC.
Kite Pharma is a leading biopharmaceutical global company that specializes in the development of highly innovative cancer immunotherapies aimed at offering quick and durable solution and reducing the heavy burden of chronic care. Based in in Santa Monica, CA, Kite is mainly concentrated in T cell receptor (TCR) and chimeric antigen receptor (CAR) caused cell therapies mainly meant to improve the ability of the immune system to identify and kill tumors.
Several biopharmaceutical and biotechnological and some of the best biotech stocks have been offering their stocks to the public in a move to raise funds to step up their research kitties as well as funding their corporate duties. Several pharmaceutical are engaged in the development, marketing and commercialization of drugs hence the need for additional capital. A number of companies mainly in the United States have already secured approval to test, market and commercialize a number of drugs.