WALTHAM, Mass., May 03, 2023 (GLOBE NEWSWIRE) — Morphic Holding, Inc. (Nasdaq: MORF), a biopharmaceutical company developing a portfolio of oral integrin therapies for the treatment of serious chronic diseases, today announced the pricing of an underwritten public offering of 5,333,334 shares of its common stock at a price to the public of $45.00 per share. The gross proceeds from this offering are expected to be approximately $240.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Morphic, and assuming no exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about May 5, 2023, subject to the satisfaction of customary closing conditions. All of the shares of common stock are being offered by Morphic. Morphic has also granted the underwriters a 30-day option to purchase up to an additional 800,000 shares of common stock in connection with the public offering.
Jefferies, TD Cowen, BMO Capital Markets, RBC Capital Markets and Wells Fargo Securities are acting as joint bookrunners for the offering.
Morphic intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and marketable securities, to fund research, clinical trial 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 portfolio of oral integrin therapies for the treatment of serious chronic diseases, including autoimmune, cardiovascular, and metabolic diseases, fibrosis, and cancer. Morphic is advancing its pipeline and discovery activities using its proprietary MInT technology platform which leverages the Company’s unique understanding of integrin structure and biology.
