Versartis Announces Closing of Its Initial Public Offering and Full Exercise of Over-Allottment Option

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REDWOOD CITY, Calif., March 26, 2014 (GLOBE NEWSWIRE) -- Versartis, Inc., (Nasdaq:VSAR) an endocrine-focused biopharmaceutical company, today announced the closing of its initial public offering of 6,900,000 shares of its common stock at a public offering price of $21 per share, which included 900,000 shares sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares. The shares began trading on the NASDAQ Global Select Market under the ticker symbol "VSAR" on March 21, 2014. Versartis estimates net proceeds from the offering to be approximately $132.4 million after deducting underwriting discounts and commissions and estimated offering expenses. Morgan Stanley and Citigroup acted as joint book-running managers for the offering. Cowen & Company acted as lead manager and Canaccord Genuity acted as co-manager.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on March 20, 2014.

The offering is being made only by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus relating to these securities was filed with the SEC and may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, by email at or by phone at (800) 831-9146.

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.

About Versartis, Inc.

Versartis, Inc. is an endocrine-focused biopharmaceutical company initially developing VRS-317, a novel, long-acting form of recombinant human growth hormone, for the treatment of growth hormone deficiency (GHD). VRS-317 is intended to reduce the burden of daily injection therapy by requiring significantly fewer injections, potentially improving compliance and therefore treatment outcomes. The company is currently completing a Phase 2a clinical trial of VRS-317 in children with GHD.

CONTACT: Corporate Joshua Brumm Chief Financial Officer 650 963-8582 Media Debra Bannister Corporate Communications 530 676-7373 Investors Kimberly Minarovich Burns McClellan 212 213-0006

Source: Versartis