Novavax Announces Exercise of Over-Allotment Option to Purchase Additional Shares
(Thomson Reuters ONE) -
GAITHERSBURG, Md., Feb. 05, 2016 (GLOBE NEWSWIRE) -- Novavax, Inc.
(Nasdaq:NVAX), a clinical-stage vaccine company focused on the discovery,
development and commercialization of recombinant nanoparticle vaccines and
adjuvants, today announced that, in connection with Novavax' previously
announced initial offering of 3.75% Senior Convertible Notes due 2023 (the
"Notes"), the initial purchasers have exercised in part their previously
announced over-allotment option to purchase an additional $25 million aggregate
principal amount of the Notes (the "Additional Notes"). The closing of the sale
of the Additional Notes occurred on February 5, 2016. Following the closing of
the Additional Notes, Novavax has issued a total of $325 million aggregate
principal amount of its 3.75% Senior Convertible Notes due 2023. Following
today's closing, the initial purchasers retain the option, expiring February
24, 2016, to purchase up to an additional $5 million aggregate principal amount
of the Notes on the same terms and conditions as previously disclosed. The Notes
were offered and sold only to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended.
Citigroup and J.P. Morgan acted as joint book-running managers of the offering.
Piper Jaffray and Guggenheim Securities acted as Co-Lead Managers.
Assuming the initial purchasers do not exercise the remainder of their over-
allotment option, Novavax will have received aggregate net proceeds from the
offering (including the previously-announced net proceeds of approximately $291
million from the initial closing on January 29, 2016) of approximately $315
million, after deducting the initial purchasers' discounts and commissions, but
prior to deducting estimated offering expenses. Novavax used approximately $2.9
million of the net proceeds from the offering of the Additional Notes to pay the
cost of additional capped call transactions entered into in connection with the
partial exercise of the over-allotment option. The cap price of the capped call
transactions will be $9.73 per share, which represents a premium of
approximately 75% based on the last reported sale price of Novavax' common stock
of $5.56 per share on the day of pricing of the Notes, January 25, 2016, and is
subject to certain adjustments under the terms of the additional capped call
transactions.
About Novavax
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage vaccine company committed to
delivering novel products to prevent a broad range of infectious diseases. Its
recombinant nanoparticles and Matrix-M(TM) adjuvant technology are the
foundation for groundbreaking innovation that improves global health through
safe and effective vaccines.
Forward-Looking Statements
This press release contains forward-looking statements. Investors are cautioned
not to place undue reliance on these forward-looking statements, including, but
not limited to, potential exercise by the initial purchasers of their remaining
over-allotment option and the possible effects of the capped call transactions.
Each forward-looking statement is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or implied in
such statement. Applicable risks and uncertainties include, but are not limited
to, those related to the conduct, timing and potential results from Novavax'
clinical-trials and other preclinical studies, Novavax' plans for and potential
timing of regulatory filings, the expected timing and content of regulatory
actions, Novavax' plans regarding partnering activities and business development
initiatives, and the timing and success of Novavax' commercialization, if any,
of its product candidates. In addition, Novavax' management retains broad
discretion with respect to the allocation of the net proceeds of this offering.
Applicable risks also include those that are listed under the heading "Risk
Factors" and elsewhere in Novavax' Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, in addition to the risk factors that are included
from time to time in Novavax' subsequent SEC filings. Novavax undertakes no
obligation to update these forward-looking statements to reflect events or
circumstances occurring after this press release. Except as otherwise noted,
these forward-looking statements speak only as of the date of this press
release. All forward-looking statements are qualified in their entirety by this
cautionary statement.
Contact:
Novavax, Inc.
Barclay A. Phillips
SVP, Chief Financial Officer and Treasurer
Andrea N. Flynn, Ph.D.
Senior Manager, Investor Relations
ir(at)novavax.com
240-268-2000
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Novavax, Inc. via GlobeNewswire
[HUG#1984212]
Unternehmensinformation / Kurzprofil:
Datum: 05.02.2016 - 21:00 Uhr
Sprache: Deutsch
News-ID 449079
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