4D Molecular Therapeutics, Inc. (Nasdaq: FDMT), a leading clinical-stage genetic medicines company focused on unlocking the full potential of genetic medicines to treat large market diseases, has announced that it priced an upsized underwritten public offering of 6,586,015 shares of its common stock at a public offering price of US$29.50 per share and, in lieu of shares of common stock, to certain investors, pre-funded warrants to purchase 3,583,476 shares of common stock at a public offering price of US$29.4999, which represents the per share public offering price for the common stock less the US$0.0001 per share exercise price for each pre-funded warrant. In addition, 4D Molecular Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,525,423 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be approximately US$300 million before deducting underwriting discounts and commissions and other offering expenses, excluding any exercise of the underwriters’ option to purchase additional shares and excluding the exercise of any pre-funded warrants. All of the shares and pre-funded warrants in the offering are to be sold by 4D Molecular Therapeutics. The offering is expected to close on February 9, 2024, subject to satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, BofA Securities, Jefferies, and Barclays are acting as joint book-running managers for the offering.
Latham & Watkins represents 4D Molecular Therapeutics in the offering, with a corporate team led by Bay Area partners Mark Roeder and Phillip Stoup, with associates Raul Gonzalez, Chelsi DeTurk, and Edwin Gonzalez. Advice was also provided on regulatory matters by Washington, D.C. partner Elizabeth Richards, Bay Area partner Betty Pang, and Washington, D.C. counsel Chad Jennings; on IP matters by Bay Area partners Judith Hasko and Chris Hazuka, with San Diego associate Robert Yeh; on data privacy matters by Bay Area partner Heather Deixler, with associate Mitch Bennett*; on tax matters by Bay Area partner Grace Lee, with associate Derek Gumm; and on benefits and compensation matters by Bay Area partner Maj Vaseghi.
*Admitted to practice in New South Wales (Australia) only.