Global Blood Raises $300M Via Convertible Debt Offering

Global Blood Therapeutics Inc GBT priced $300 million Convertible Senior Notes due 2028 in a private offering. 

• The offering size was increased from the previously announced offering size of $250 million. 
• Initial purchasers have an option to purchase up to an additional $45 million of notes.
• The notes will bear interest at a rate of 1.875% per year, payable semi-annually beginning on June 15, 2022. The notes will mature on December 15, 2028.
• The notes will be convertible at an initial conversion rate of 31.4985 shares of GBT's shares per $1,000 principal amount of notes. per $1,000 principal amount of notes
• GBT plans to use part of the proceeds for the continued commercialization of Oxbryta and the clinical development of Oxbryta and its product candidates.
• GBT shared new data from a Phase 1 study of GBT021601 (GBT601) for sickle cell disease.
• The data were presented at the American Society of Hematology (ASH) Annual Meeting and Exposition.
• The sickle hemoglobin polymerization inhibitor demonstrated average hemoglobin occupancy over 30% and improvements in hematologic parameters in patients receiving multiple ascending doses of GBT601.
• Price Action: GBT shares are up 7.43% at $26.75 during the premarket session on the last check Wednesday.
• Check out our coverage of the American Society of Hematology (ASH) Annual Meeting 2021 here.