Orchard Therapeutics plc (Nasdaq: ORTX), a biopharmaceutical company dedicated to improving the conditions of patients with serious and life-threatening rare diseases through autologous ex vivo gene therapies, priced its initial public offering in the United States.
The company priced 14,285,715 American Depositary Shares (“ADSs”) representing 14,285,715 ordinary shares at an initial public offering price of $14.00 per ADS, before underwriting discounts and commissions.
In addition, Orchard has granted the underwriters a 30-day option to purchase up to an additional 2,142,857 ADSs at the initial public offering price, less the underwriting discounts and commissions.
Orchard’s ADSs began trading on The Nasdaq Global Select Market on October 31, 2018, under the ticker symbol “ORTX.”
The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Orchard, are expected to be $200.00 million, excluding any exercise of the underwriters’ option to purchase additional ADSs.
The offering is expected to close on November 2, 2018, subject to the satisfaction of customary closing conditions.
J.P. Morgan, Goldman Sachs & Co. LLC and Cowen are acting as joint book-running managers for the offering, and Wedbush PacGrow is acting as co-manager.
Orchard Therapeutics is an integrated commercial-stage biopharmaceutical company dedicated to treating patients with serious and life-threatening rare diseases through innovative gene therapies. Its advanced portfolio of autologous ex vivo gene therapies targets serious and life-threatening rare diseases, initially primary immune deficiencies, neurometabolic disorders and hemoglobinopathies.