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GH Research PLC (Nasdaq: GHRS) has announced the pricing of its public offering of 10,000,000 ordinary shares at $15.00 per share, aiming to raise approximately $150 million in gross proceeds. The offering is expected to close on February 6, 2025.
The company has granted underwriters a 30-day option to purchase up to an additional 1,500,000 ordinary shares at the public offering price, less underwriting discounts and commissions. The joint book-running managers for the offering are Cantor, Stifel, and RBC Capital Markets, with Canaccord Genuity and Citizens JMP acting as co-lead managers.
GH Research PLC (Nasdaq: GHRS) ha annunciato il prezzo della sua offerta pubblica di 10.000.000 azioni ordinarie a $15,00 per azione, puntando a raccogliere circa $150 milioni in proventi lordi. Si prevede che l’offerta si chiuda il 6 febbraio 2025.
L’azienda ha concesso agli underwriter un’opzione di 30 giorni per acquistare fino a ulteriori 1.500.000 azioni ordinarie al prezzo dell’offerta pubblica, al netto degli sconti e delle commissioni di underwriting. I manager congiunti dell’offerta sono Cantor, Stifel e RBC Capital Markets, con Canaccord Genuity e Citizens JMP che agiscono come co-manager principali.
GH Research PLC (Nasdaq: GHRS) ha anunciado el precio de su oferta pública de 10,000,000 acciones ordinarias a $15.00 por acción, con el objetivo de recaudar aproximadamente $150 millones en ingresos brutos. Se espera que la oferta cierre el 6 de febrero de 2025.
La compañía ha otorgado a los suscriptores una opción de 30 días para comprar hasta 1,500,000 acciones ordinarias adicionales al precio de la oferta pública, menos los descuentos y comisiones de suscripción. Los gerentes de libro conjuntos para la oferta son Cantor, Stifel y RBC Capital Markets, con Canaccord Genuity y Citizens JMP actuando como co-gestores principales.
GH Research PLC (Nasdaq: GHRS)는 10,000,000 보통주의 공모가를 $15.00 per share로 발표하며, 약 $150 million의 총 수익 확보를 목표로 하고 있습니다. 이 공모는 2025년 2월 6일에 마감될 예정입니다.
회사는 언더라이터에게 공모가에서 언더라이팅 할인 및 수수료를 제외한 가격으로 1,500,000 보통주를 추가로 구매할 수 있는 30일 옵션을 부여했습니다. 이 공모의 공동 북런닝 매니저는 Cantor, Stifel 및 RBC Capital Markets이며, Canaccord Genuity와 Citizens JMP가 공동 수석 매니저로 활동합니다.
GH Research PLC (Nasdaq: GHRS) a annoncé le prix de son offre publique de 10 000 000 d’actions ordinaires à 15,00 $ par action, visant à lever environ 150 millions de dollars de produits bruts. L’offre devrait se clôturer le 6 février 2025.
La société a accordé aux underwriters une option de 30 jours pour acheter jusqu’à 1 500 000 actions ordinaires supplémentaires au prix de l’offre publique, moins les remises et commissions de souscription. Les co-managers de l’offre sont Cantor, Stifel et RBC Capital Markets, avec Canaccord Genuity et Citizens JMP agissant en tant que co-managers principaux.
GH Research PLC (Nasdaq: GHRS) hat den Preis seines öffentlichen Angebots von 10.000.000 Stammaktien zu 15,00 $ pro Aktie bekannt gegeben, mit dem Ziel, etwa 150 Millionen $ brutto zu erzielen. Das Angebot wird voraussichtlich am 6. Februar 2025 abgeschlossen.
Das Unternehmen hat den Underwritern eine 30-tägige Option eingeräumt, bis zu 1.500.000 Stammaktien zum öffentlichen Angebotspreis, abzüglich der Underwriting-Rabatte und -provisionen, zu erwerben. Die Joint Book-Running-Manager des Angebots sind Cantor, Stifel und RBC Capital Markets, während Canaccord Genuity und Citizens JMP als Co-Lead-Manager fungieren.
Positive
- Substantial capital raise of $150 million strengthens company’s financial position
- Successful pricing of shares at $15.00 indicates market confidence
- Strong underwriting support from major financial institutions
Negative
- Significant shareholder dilution due to 10 million new shares being issued
- Potential additional dilution if underwriters exercise option for 1.5M extra shares
Insights
GH Research’s $150 million public offering represents a significant capital raise that will dilute existing shareholders by approximately 18.3% (excluding the overallotment option). The pricing at $15.00 per share, representing an 8% discount to the current market price, is within typical ranges for secondary offerings in the biotech sector.
The participation of top-tier investment banks – Cantor, Stifel and RBC Capital Markets – as joint book-running managers lends credibility to the offering and suggests strong institutional interest. This is particularly noteworthy given the challenging funding environment for biotech companies, where many firms are struggling to secure capital.
For a clinical-stage biopharmaceutical company focused on depression treatments, this capital injection significantly strengthens the balance sheet and likely provides runway for key clinical development milestones. The timing of this offering, following the registration statement effectiveness in March 2023, indicates careful strategic planning to optimize market conditions.
The substantial size of the offering relative to the company’s market cap suggests potential acceleration of clinical programs or expansion of research initiatives. However, investors should note that while the capital raise provides operational flexibility, it comes at the cost of meaningful dilution to existing shareholders.
DUBLIN, Feb. 05, 2025 (GLOBE NEWSWIRE) — GH Research PLC (Nasdaq: GHRS), a clinical-stage biopharmaceutical company dedicated to transforming the lives of patients by developing a practice-changing treatment in depression, today announced the pricing of its previously announced underwritten public offering in the United States of 10,000,000 ordinary shares at a public offering price of $15.00 per share for total gross proceeds of approximately $150 million. All of the ordinary shares are being offered by GH Research PLC. The offering is expected to close on February 6, 2025, subject to customary closing conditions. In addition, GH Research PLC has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 ordinary shares at the public offering price, less underwriting discounts and commissions.
Cantor, Stifel and RBC Capital Markets are acting as joint book-running managers for the offering. Canaccord Genuity and Citizens JMP are acting as co-lead managers for the offering.
A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on March 17, 2023. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website free of charge at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from any of the joint book-running managers for the offering: Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com; or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, New York, New York 10281, by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com. For the avoidance of doubt, any such prospectus supplement or the accompanying prospectus will not constitute a “prospectus” for the purposes of the Irish Companies Act 2014 (as amended), the EU Prospectus Regulation (EU) 2017/1129 (as amended) (the “Prospectus Regulation”), the European Union (Prospectus) Regulations 2019 of Ireland (as amended) or the Central Bank (Investment Market Conduct) Rules 2019 of Ireland and will not have been reviewed by Central Bank of Ireland, as competent authority, or any competent authority in any European Economic Area (the “EEA”) member state or the United Kingdom.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
In any member state of the EEA this announcement and any offering are only addressed to and directed at persons who are “qualified investors” (“Qualified Investors”) within the meaning of the Prospectus Regulation. In the United Kingdom, this announcement and any offering are only addressed to and directed at Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or (ii) who fall within Article 49(2)(a) to (d) of the Order, and (iii) to whom it may otherwise lawfully be communicated (all such persons being referred to as “relevant persons”).
This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the EEA, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to and will only be engaged with (i) in the United Kingdom, relevant persons, and (ii) in any member state of the EEA, Qualified Investors.
About GH Research PLC
GH Research PLC is a clinical-stage biopharmaceutical company dedicated to transforming the lives of patients by developing a practice-changing treatment in depression. GH Research PLC’s initial focus is on developing its novel and proprietary mebufotenin therapies for the treatment of patients with treatment-resistant depression (TRD).
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements with regard to GH Research PLC’s expectations regarding the completion of the proposed securities offering. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed offering and the terms thereof are subject to numerous factors, many of which are beyond the control of GH Research PLC, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in GH Research PLC’s filings with the SEC. GH Research PLC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Investor Relations
Julie Ryan
GH Research PLC
investors@ghres.com
FAQ
How much money is GH Research (GHRS) raising in its February 2025 public offering?
GH Research is raising approximately $150 million through the sale of 10 million ordinary shares priced at $15.00 per share.
What is the price per share for GHRS’s February 2025 public offering?
The public offering price is $15.00 per ordinary share.
When will GHRS’s $150 million public offering close?
The offering is expected to close on February 6, 2025, subject to customary closing conditions.
How many additional shares can underwriters purchase in GHRS’s offering?
Underwriters have a 30-day option to purchase up to an additional 1,500,000 ordinary shares at the public offering price.
Which investment banks are managing GHRS’s February 2025 public offering?
Cantor, Stifel, and RBC Capital Markets are acting as joint book-running managers, while Canaccord Genuity and Citizens JMP are co-lead managers.
