WALTHAM, Mass., March 02, 2021 (GLOBE NEWSWIRE) — Morphic Holding, Inc. (Nasdaq: MORF), a biopharmaceutical company developing a new generation of oral integrin therapies for the treatment of serious chronic diseases, today announced the pricing of an upsized underwritten public offering of 3,500,000 shares of its common stock at a price to the public of $70.00 per share. The gross proceeds from this offering are expected to be approximately $245.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Morphic. The offering is expected to close on or about March 5, 2021, subject to the satisfaction of customary closing conditions. Morphic has also granted the underwriters a 30-day option to purchase up to an additional 525,000 shares of common stock in connection with the public offering. All of the shares of common stock are being offered by Morphic.
Jefferies, Cowen, BMO Capital Markets and RBC Capital Markets are acting as joint bookrunners for the offering.
Morphic intends to use the net proceeds from the proposed offering, together with our existing cash, cash equivalents and marketable securities, to fund research, clinical and process development and manufacturing of Morphic’s product candidates, including MORF-057 and other programs generated from Morphic’s MInT Platform, working capital, capital expenditures and other general corporate purposes.
About Morphic Therapeutic
Morphic Therapeutic is a biopharmaceutical company developing a new generation of oral integrin therapies for the treatment of serious chronic diseases, including autoimmune, cardiovascular and metabolic diseases, fibrosis and cancer. In collaboration with AbbVie, Janssen, and Schrödinger, Morphic is advancing its pipeline and discovery activities using its proprietary MInT technology platform which leverages Morphic’s unique understanding of integrin structure and biology.
