CHEMOCENTRYX, INC. (NASDAQ:CCXI) Files An 8-K Other Events
On June 10, 2020, ChemoCentryx, Inc., a Delaware corporation (the Company or ChemoCentryx) entered into an underwriting agreement (the Underwriting Agreement) with SVB Leerink LLC and Piper Sandler & Co., as representatives of the several underwriters named therein (collectively, the Underwriters), relating to the issuance and sale of 5,200,000 shares of the Companys common stock, par value $0.001 per share (Common Stock). The price to the public in this offering is $58.00 per share of Common Stock. The Underwriters have agreed to purchase the shares from the Company to the Underwriting Agreement at a price of $54.52 per share of Common Stock. The net proceeds to the Company from this offering are expected to be approximately $282.9 million (or $325.4 million if the Underwriters option is exercised in full), after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The offering is expected to close on or about June 15, 2020, subject to customary closing conditions. In addition, under the terms of the Underwriting Agreement, ChemoCentryx has granted the Underwriters a 30-day option to purchase up to an additional 780,000 shares of Common Stock.
The offering is being made to the Companys effective shelf registration statement on Form S-3 (Registration Statement No. 333-239072) previously filed with the Securities and Exchange Commission (the SEC), which became automatically effective upon filing on June 10, 2020, and a prospectus supplement and accompanying prospectus filed with the SEC.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the Securities Act), other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.
The foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this report and is incorporated by reference herein. A copy of the opinion of Latham & Watkins LLP relating to the legality of the issuance and sale of Common Stock in the offering is attached as Exhibit 5.1 to this report.
The Company issued press releases on June 10, 2020 announcing the commencement of the offering and the pricing of the offering, which press releases are attached as Exhibits 99.1 and 99.2, respectively, to this report.
This Current Report on Form 8-K contains forward-looking statements as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this Current Report on Form 8-K that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, ChemoCentryxs expectations regarding the completion of the public offering and the expected net proceeds therefrom. The inclusion of forward-looking statements should not be regarded as a representation by ChemoCentryx that any of its plans will be achieved. Such factors include, among others, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the public offering, as well as risks and uncertainties in the Companys business, including those risks described in the Companys periodic reports it files with the SEC. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents the Company files with the SEC available at www.sec.gov, including without limitation the Companys Annual Report on Form 10-K for the year ended December 31, 2019 filed on March 10, 2020 and subsequent Quarterly Report on Form 10-Q.