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Guardant Health, Inc. ("Guardant Health") (NASDAQ:GH), a leading precision oncology company, today announced the commencement of an underwritten public offering of $250.0 million of shares of Guardant Health's common stock (the "common stock offering"). Guardant Health also intends to grant the underwriters a 30-day option to purchase up to an additional $37.5 million of shares of its common stock at the public offering price, less underwriting discounts and commissions. The common stock offering is subject to market and other conditions, and there can be no assurance as to whether or when the common stock offering may be completed or as to the actual size or terms of the common stock offering.
Goldman Sachs & Co. LLC, Jefferies, Leerink Partners and Guggenheim Securities are acting as joint book-running managers for the common stock offering.
Guardant Health intends to use the net proceeds from the common stock offering, together with the net proceeds from Guardant Health's concurrent convertible notes offering (as defined below), if consummated, for general corporate purposes, which may include, depending on market conditions, repurchasing a portion of Guardant Health's 0% convertible senior notes due 2027 (the "2027 notes"). General corporate purposes may also include the acquisition of complementary products, technologies, intellectual property or businesses; however, Guardant Health currently does not have any agreements or commitments to complete any such transactions. This press release is not an offer to repurchase any 2027 notes and the common stock offering is not contingent upon the repurchase of any 2027 notes. There can be no assurances that Guardant Health will repurchase any 2027 notes.
In a separate press release and concurrently with the common stock offering, Guardant Health also announced today its intent, subject to market and other conditions, to offer $300.0 million aggregate principal amount of its Convertible Senior Notes due 2033 (the "notes") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "concurrent convertible notes offering" and, together with the common stock offering, the "offerings"). Guardant Health also intends to grant to the initial purchasers in the concurrent convertible notes offering an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $45.0 million aggregate principal amount of notes. The completion of the common stock offering is not contingent on the completion of the concurrent convertible notes offering, and the completion of the concurrent convertible notes offering is not contingent on the completion of the common stock offering.
The common stock offering will be made pursuant to a shelf registration statement, including a base prospectus, that was filed with the Securities and Exchange Commission (the "SEC") on May 22, 2023 and became automatically effective upon filing. The common stock offering will be made only by means of a prospectus supplement and the accompanying prospectus.
Posted In: GH
