The Life Sciences team advised SpringWorks Therapeutics, Inc. (Nasdaq: SWTX) on its private placement transaction with a select group of institutional investors to issue and sell an aggregate of 8,625,520 shares of its common stock at a price per share of $26.01. SpringWorks anticipates gross proceeds from the financing to be approximately $225 million, before deducting offering expenses. The closing of the financing is expected to occur on September 9, 2022, subject to the satisfaction of customary closing conditions.
The team also advised SpringWorks on its expanded global, non-exclusive license and collaboration agreement with GSK (LSE/NYSE: GSK) for nirogacestat, SpringWorks’ investigational oral gamma secretase inhibitor, in combination with Blenrep, GSK’s antibody-drug conjugate targeting B-cell maturation antigen. Under the terms of the expanded agreement, SpringWorks will receive a $75 million equity investment from GSK in exchange for shares of common stock priced at a premium to the 30-day volume-weighted average share price on September 2, 2022. SpringWorks will also be eligible to receive up to $550 million in additional payments based on reaching certain development and commercial milestones. SpringWorks will retain full commercial rights to nirogacestat and will be responsible for global commercialization of nirogacestat.
SpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for patients living with severe rare diseases and cancer.