PTC Therapeutics, Inc. (NASDAQ:PTCT) has fixed the price of each share at $27.04 for the public offering of 4 million shares of the common stock. The public issue of the shares will close on April 3, 2018. The underwriters also have an option to purchase additional 600,000 shares of the common stock in a thirty day window at the same price of $27.04 for each share.
The company has appointed Citigroup Inc (NYSE:C) and Credit Suisse Group AG (ADR) (NYSE:CS) has the lead managers of the public offering.
PTC Therapeutics, Inc. Approves the Sale of 25,200 Shares to Six New Employees
PTC has approved the sale of 25,200 shares of the common stock under a non-statutory stock option to six new employees on March 13, 2018. It is as part of the employment compensation for the new recruits pursuant to the inducement grant exception of NASDAQ as per Listing Rule 5635(c)(4).
The compensation committee of the PTC has approved the inducement grants on March 13, 2018, and offered to the new recruits on their acceptance for employment in the company.
The exercise price of the share for the first three stock options is fixed at $30.39, which is the closing rate of the common stock of PTC on March 14, 2018. The price for the balance three stock options will be fixed on the closing price of the date of recruitment of the new hires. The term for the stock options is fixed at 10 years.
A brief Information about PTC Therapeutics, Inc.
The leading biopharmaceutical company PTC Therapeutics, Inc., which was established 20 years back, is engaged in the discovery, and development as well as commercialization of the medicines to treat patients with rare diseases. Since its establishment, the company has two products for the treatment of rare disorders.
The company sells its medicines worldwide to offer benefits to the patients suffering from oncology and rare disorders. PTC is committed to delivering the best medicines for people with unmet needs.
The total revenues of the company are estimated at $195 million in 2017. The forecasted revenues for 2018 is $260 million.