TheLife Sciences IPOs + Capital Markets team advised Global Blood Therapeutics, Inc. (Nasdaq: GBT) on its offering of 1.875% Convertible Senior Notes due 2028. The deal initially launched at $250 million, but was upsized to $300 million, plus the full exercise of the initial purchasers’ option to purchase an additional $45 million of notes. The initial conversion price of the notes featured a premium of 27.5% up from the reference price of $24.90. In connection with the notes, Global Blood Therapeutics entered into capped call transactions which mitigate equity dilution and/or offset payments due upon conversion of the notes and effectively raises the conversion price of the notes to $49.80 per share, a 100% premium over the reference price.
Global Blood Therapeutics is a biopharmaceutical company dedicated to the discovery, development, and delivery of life-changing treatments that provide hope to underserved patient communities.
Goodwin’s product team included Jim Barri, John Servidio, Tiffany Williamson, Jack Rosen, and Patrick Wilson. Goodwin’s corporate team included Mitch Bloom, Maggie Wong, Liz Telefus and Alexandra Singer. Daniel Karelitz and Garret Gaughan provided tax advice.
For more information, please see the Global Blood Therapeutics closing press release for the offering.