TESARO Prices Underwritten Offering Of 3.40 Mln Shares At $51.00 Per Share

(RTTNews) - TESARO, Inc. (TSRO), an oncology-focused biopharmaceutical company, said it has priced an underwritten public offering of an aggregate of 3.4 million shares of its common stock at a price to the public of $51.00 per share. The gross proceeds from the offering will be around $173.4 million.

In addition, TESARO has granted the underwriters a 30-day option to purchase up to an additional 510,000 shares of its common stock on the same terms and conditions to cover over-allotments.

TESARO expects that the aggregate net proceeds from the offering will be about $162.7 million, after deducting the underwriting discount and estimated offering expenses payable by TESARO, but excluding any exercise of the underwriters' over-allotment option.

The offering is expected to close on or about March 9. Citigroup, Leerink Partners and Deutsche Bank Securities are acting as joint book-running managers for the offering, with BMO Capital Markets, Robert W. Baird & Co. Incorporated and Mizuho acting as co-managers.