Underwriters Exercise Options from Recent Sarepta Therapeutics Stock Offering

Sarepta Therapeutics, Inc. (SRPT) was near flat in Friday’s late session and the specialty drugmaker tonight saying it pocketed an extra $42.75 million in net proceeds after underwriters this week exercised overallotment options to buy an extra 753,138 shares of its common stock at $56.76 apiece following the company’s $300 million public offering last week.

The underwriters’ overallotment increased the overall number of shares sold to nearly 5.8 million shares and increased the total net proceeds from the deal to around $327 million, the company said tonight in a regulatory filing. The company plans to use the new capital to fund late-stage clinical trials and additional product development of its prospective treatment for Duchenne muscular dystrophy, a rare muscle-wasting disease afflicting younger boys.

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