NATICK, Mass., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc., a clinical-stage pharmaceutical company focused on developing novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases, today announced the pricing of its initial public offering of 6,800,000 shares of its common stock at a public offering price of $16.00 per share. All of the shares of common stock are being offered by Karyopharm. In addition, Karyopharm has granted the underwriters a 30-day option to purchase up to an additional 1,020,000 shares of common stock at the same price, less the underwriting discount. The company's shares are expected to begin trading on the NASDAQ Global Select Market on November 6, 2013 under the ticker symbol "KPTI".
The offering is expected to close on November 12, 2013, subject to customary closing conditions.
BofA Merrill Lynch and Leerink Swann LLC are acting as joint book-running managers for the offering. JMP Securities LLC and Oppenheimer & Co. are acting as co-managers.
A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on November 5, 2013. When available, copies of the final prospectus may be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, or via email, at email@example.com, or from Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, or by phone at 1-800-808-7525, ext. 4814, or by email at Syndicate@leerink.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
Karyopharm Therapeutics Inc. is a clinical-stage pharmaceutical company founded by Dr. Sharon Shacham focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases. Karyopharm's Selective Inhibitors of Nuclear Export (SINE) compounds function by preventing the export of tumor suppressor proteins from the nucleus of a cell, thereby leading to their accumulation in the nucleus, which subsequently reinitiates and amplifies their tumor suppressor function. Karyopharm is located in Natick, Massachusetts.
Source: Karyopharm Therapeutics