Idera Pharmaceuticals Inc (NASDAQ:IDRA) entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC and Goldman, Sachs & Co., as representatives of the several underwriters (collectively, the “Underwriters”), related to an underwritten public offering of 25,000,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”). The public offering price for the Common Stock is $2.00 per share. The Underwriters have agreed to purchase the shares pursuant to the Underwriting Agreement at a price of $1.88 per share. The Company has also granted to the Underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Common Stock at the same price per share. All of the shares in the offering are to be sold by the Company.
The Common Stock will be issued pursuant to a prospectus supplement dated October 7, 2016 and an accompanying base prospectus dated May 22, 2014 that form a part of the registration statement on Form S-3 that the Company filed with the Securities and Exchange Commission, which became effective May 22, 2014 (File No. 333-195896). The Company expects that the closing of the sale of the Common Stock will take place on October 13, 2016, subject to the satisfaction of customary closing conditions.
A copy of the Underwriting Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to Exhibit 1.1.
A copy of the legal opinion and consent of Wilmer Cutler Pickering Hale and Dorr LLP relating to the validity of the Common Stock to be issued in the offering is attached as Exhibit 5.1 hereto.
