|ARRAY BIOPHARMA INC filed this Form 8-K on 09/15/2017|
In this report, Array BioPharma, Array, we, us and our refer to Array BioPharma Inc., unless the context otherwise provides.
Item 1.01 Entry into a Material Definitive Agreement.
On September 14, 2017, Array entered into an Underwriting Agreement (the Underwriting Agreement) with J.P. Morgan Securities LLC, as representative of the several Underwriters named therein (collectively, the Underwriters). Subject to the terms and conditions of the Underwriting Agreement, Array agreed to sell to the Underwriters, and the Underwriters agreed to purchase from Array, an aggregate of 20,930,232 shares of Arrays authorized but previously unissued common stock, par value $0.001 (Common Stock), at a public offering price of $10.75 per share, less underwriting discounts and commissions. The resulting net proceeds to Array from this Common Stock offering are expected to be approximately $211.4 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Array. Array has also granted the Underwriters a 30-day option to purchase up to an aggregate of 3,139,534 additional shares of Common Stock. The Underwriters obligations to purchase the shares is subject to the satisfaction of certain customary closing conditions, including receipt of legal opinions and approval of legal matters by their respective counsels. Array has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the Act), or to contribute to the payments the Underwriters may be required to make in respect of these liabilities.
The closing of the sale of 20,930,232 of the shares is scheduled to occur on or about September 19, 2017. The shares are being offered and sold pursuant to a shelf registration statement on Form S-3 (Registration No. 333-220443) that was previously filed with the Securities and Exchange Commission (the SEC) and became effective on September 13, 2017.
The foregoing summary of the terms of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is attached as Exhibit 1.1 hereto and incorporated herein by reference.
A copy of the legal opinion of Ballard Spahr LLP relating to the legality of the issuance and sale of the shares is filed herewith as Exhibit 5.1.
Item 8.01 Other Events.
On September 13, 2017, Array issued a press release announcing the commencement of the offering described in Item 1.01 above. On September 14, 2017, Array issued a subsequent press release announcing the pricing of the offering. Copies of these press releases are attached hereto as Exhibits 99.1 and 99.2 hereto, respectively, and are incorporated by reference herein.
This current report contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements concerning the completion, timing and size of the proposed offering and other statements that are other than statements of historical facts. These statements involve significant risks and uncertainties. Because these statements reflect our current expectations concerning future events, actual events could differ materially from those anticipated in these forward-looking statements as a result of many factors. These factors include, but are not limited to: the risk that the financing may be delayed or may not occur due to market or other conditions and the satisfaction of customary closing conditions related to the proposed public offering. Additional information concerning these and other factors that may cause actual events to differ materially from those anticipated in the forward-looking statements is contained in the Risk Factors section of Arrays most recent Annual Report on Form 10-K, in our other periodic reports and filings with the SEC and in the prospectus supplement related to the offering. We caution investors not to place undue reliance on the forward-looking statements contained in this current report. All forward-looking statements are based on information currently available to Array on the date hereof, and we undertake no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this current report, except as required by law.