Madrigal Pharma Announces Pricing Of $500 Mln Public Offering - Quick Facts

(RTTNews) - Madrigal Pharmaceuticals Inc. (MDGL) announced the pricing of its underwritten public offering of about 1.25 million shares of its common stock at a public offering price of $151.69 per share, and, to certain investors, pre-funded warrants to purchase 2.05 million shares of common stock at a price of $151.6899 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each such pre-funded warrant.

The company expects gross proceeds from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, to be about $500 million.

Madrigal has granted the underwriters of the offering a 30-day option to purchase up to an additional 494,429 shares of common stock from the company at the public offering price, less underwriting discounts and commissions.

Madrigal plans to use the net proceeds from the offering for its clinical and commercial activities in preparation for a potential launch of resmetirom in the U.S. and for general corporate purposes.