TESARO Announces Closing of $155 Million Private Placement
WALTHAM, Mass., March 18, 2016 (GLOBE NEWSWIRE) -- TESARO, Inc. (NASDAQ:TSRO), an oncology-focused biopharmaceutical company, announced today it has completed its previously announced private placement of 4.4 million shares of common stock at a price of $35.19 per share. This transaction resulted in total gross proceeds to the Company of approximately $155 million. TESARO intends to use the proceeds from the financing primarily to support the development of its product pipeline and for general corporate purposes.
Existing investors affiliated with InterWest Partners, Kleiner Perkins Caufield and Byers and New Enterprise Associates, in addition to new investors the Australian Government Future Fund and the funds managed by the Ally Bridge Group participated in the offering. The offering was led by Kleiner Perkins and NEA, each of which made an investment of approximately $50 million. There were no placement agents used for this financing.
This offer and sale of the shares have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws. The shares were offered only to accredited investors.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
TESARO is an oncology-focused biopharmaceutical company devoted to providing transformative therapies to people bravely facing cancer. For more information, visit www.tesarobio.com.
TESARO Investor/Media Contact: Jennifer Davis Sr. Director, Corporate Development & Investor Relations +1.781.325.1116 or firstname.lastname@example.org