Tetraphase raising $150m
This article was originally published in Scrip
Executive Summary
Massachusetts-based antibiotic drug developer Tetraphase Pharmaceuticals is aiming to raise $150m through a public offering of 4,300,000 shares of common stock at $35 per share. The offer is expected to close on or around 17 March 2015. Tetraphase reported positive Phase III data in December last year for its lead antibiotic compound eravacycline as a treatment for complicated intra-abdominal infections. Data from a second Phase III trial in complicated urinary tract infections are expected by mid-2015. Tetraphase is aiming to file a New Drug Application to the FDA for eravacycline by the end of this year. BMO Capital Markets, Stifel and Guggenheim Securities are acting as joint bookrunning managers for the offering and Nomura and SunTrust Robinson Humphrey are acting as co-managers.