Madrigal Prices Upsized Public Offering Of $600 Mln Of Shares

(RTTNews) - Madrigal Pharmaceuticals, Inc. (MDGL), a company focused on nonalcoholic steatohepatitis, said that it has priced its upsized public offering of 750,000 shares at $260 per share and pre-funded warrants to purchase 1,557,692 shares at $259.9999 per pre-funded warrant.

Madrigal intends to use the net proceeds for its commercial activities towards the launch of Rezdiffra (Resmetirom) in the U.S., and general corporate and other purposes.

The drug maker has raised the size of the offering by $100 million subsequent to the initial announcement of the offering.

The gross proceeds from the offering, to be closed on or about March 21, are expected to be at around $600 million.

Madrigal has granted the underwriters a 30-day option to purchase up to an additional 346,153 shares at the public offering price.

Goldman Sachs & Co. LLC, Jefferies, TD Cowen, Evercore ISI, Piper Sandler, UBS Investment Bank and Citizens JMP are acting as joint bookrunning managers, whereas H.C. Wainwright & Co. is acting as co-manager of the offering.