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Guardant Health Prices $319.5M Public Stock Offering

NEW YORK (GenomeWeb) – Guardant Health said today that it has priced its previously announced underwritten public offering of 4.5 million shares of common stock at $71.00 per share.

The company has also granted underwriters a 30-day option to purchase up to an additional 675,000 shares of its common stock at the public offering price. Guardant expects resulting gross proceeds of $319.5 million, excluding any exercise of the underwriters' additional share purchase option.

A registration statement relating to the shares being sold in this offering was declared effective by the US Securities and Exchange Commission on May 22. The firm expects the offering to close on May 28, 2019, subject to customary closing conditions.

JP Morgan Securities and BofA Merrill Lynch are acting as joint book-running managers, while Cowen and Company and William Blair & Company are acting as co-managers.

Guardant said in its SEC filing on Monday that it plans to use the proceeds for general corporate purposes, including working capital, sales and marketing activities, general and administrative matters and capital expenditures. The company could also use some of the money to fund its recently announced prospective colorectal cancer screening study.

In Thursday morning trade on the Nasdaq, shares of Guardant were up 3 percent at $73.70.