UK biopharmaceutical company Orchard Therapeutics plc has announced the pricing of its initial public offering in the U.S. of 14.2 million American depositary shares (ADSs) representing 14.2 million ordinary shares at an initial public offering (IPO) price of $14.00 per ADS, before underwriting discounts and commissions.
In addition, Orchard has granted the underwriters a 30-day option to purchase up to an additional 2.1 million ADSs at the initial public offering price, less the underwriting discounts and commissions.
The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Orchard, are expected to be $200 million, excluding any exercise of the underwriters' option to purchase additional ADSs.
The offering is expected to close on November 2, 2018, subject to the satisfaction of customary closing conditions.