TARRYTOWN, N.Y., Aug. 7, 2020 /PRNewswire/ -- Regeneron
Pharmaceuticals, Inc. (NASDAQ: REGN) today announced the pricing of
an underwritten offering of $1.250
billion aggregate principal amount of senior unsecured notes
due 2030 (the "2030 notes") and $750
million aggregate principal amount of senior unsecured notes
due 2050 (the "2050 notes" and, together with the 2030 notes, the
"notes"). The 2030 notes will bear interest at 1.750% per annum and
will mature on September 15, 2030.
The 2050 notes will bear interest at 2.800% per annum and will
mature on September 15, 2050. The
issuance of the notes is expected to close on or around
August 12, 2020, subject to customary
closing conditions.
Regeneron intends to use the net proceeds from the offering to
repay in full the $1.5 billion
principal amount of loans outstanding under the bridge facility
incurred to fund a portion of the repurchase by Regeneron of shares
of its common stock held by Sanofi in May
2020, and to pay accrued interest and related fees and
expenses in connection therewith. The remainder will be used for
other general corporate purposes.
Goldman Sachs & Co. LLC, BofA Securities, and J.P. Morgan
are acting as joint book-running managers for the offering. US
Bancorp, Barclays, Citigroup, Fifth Third Securities, and MUFG are
also acting as book-running managers for the offering. Bank of
Ireland, Citizens Capital Markets,
Loop Capital Markets, and PNC Capital Markets LLC are acting as
co-managers for the offering. Regeneron has filed a registration
statement (including a prospectus) with the Securities and Exchange
Commission (the "SEC") for the offering. Before you invest, you
should read the prospectus in that registration statement and other
documents Regeneron has filed and will file with the SEC, including
the preliminary prospectus supplement filed by Regeneron with the
SEC, for more complete information about Regeneron and this
offering. You may get these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, any underwriter or
any dealer participating in the offering will arrange to send you
the prospectus and the preliminary prospectus supplement, when
available, if you request them by contacting Goldman Sachs &
Co. LLC, Attention: Prospectus Department, 200 West Street,
New York, New York 10282, via
telephone: (866) 471-2526, or via email:
prospectus-ny@ny.email.gs.com, BofA Securities, NC1-004-03-43,
200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention:
Prospectus Department or by email at
dg.prospectus_requests@bofa.com, and J.P. Morgan, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or toll free at (866)
803-9204.
This announcement shall not constitute an offer to sell or
the solicitation of any offer to buy, nor shall there be any sale
of these securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Regeneron Pharmaceuticals, Inc.
Regeneron is a leading biotechnology company that invents
life-transforming medicines for people with serious diseases.
Founded and led for over 30 years by physician-scientists,
Regeneron's unique ability to repeatedly and consistently translate
science into medicine has led to seven FDA-approved treatments and
numerous product candidates in development, all of which were
homegrown in Regeneron's laboratories. Regeneron's medicines and
pipeline are designed to help patients with eye diseases, allergic
and inflammatory diseases, cancer, cardiovascular and metabolic
diseases, pain, infectious diseases, and rare diseases.
Regeneron is accelerating and improving the traditional drug
development process through its proprietary
VelociSuite® technologies, such as
VelocImmune®, which uses unique
genetically-humanized mice to produce optimized fully-human
antibodies and bispecific antibodies, and through ambitious
research initiatives such as the Regeneron Genetics
Center®, which is conducting one of the largest genetics
sequencing efforts in the world.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties relating to the completion, timing,
and terms of the offering, and actual events or results may differ
materially from these forward-looking statements. Words such as
"anticipate," "expect," "intend," "plan," "believe," "seek,"
"estimate," variations of such words, and similar expressions are
intended to identify such forward-looking statements, although not
all forward-looking statements contain these identifying words.
Risks that may cause these forward-looking statements to be
inaccurate include, among others: (i) whether we will be able to
consummate the offering, (ii) the satisfaction of customary closing
conditions with respect to the offering, (iii) prevailing market
conditions, and (iv) the impact of general economic, industry, or
political conditions in the United
States or internationally, including as a result of, among
other risks and uncertainties, the impact of SARS-CoV-2 (the virus
that has caused the COVID-19 pandemic) on Regeneron's business and
its employees, collaborators, and suppliers and other third parties
on which Regeneron relies, Regeneron's and its collaborators'
ability to continue to conduct research and clinical programs,
Regeneron's ability to manage its supply chain, net product sales
of products marketed by Regeneron and/or its collaborators
(collectively, "Regeneron's Products"), and the global economy; the
impact of the offering discussed in this press release on
Regeneron's business and financial condition; the nature, timing,
and possible success and therapeutic applications of Regeneron's
Products and Regeneron's product candidates and research and
clinical programs now underway or planned, including without
limitation EYLEA® (aflibercept) Injection,
Dupixent® (dupilumab), Libtayo® (cemiplimab),
Praluent® (alirocumab), Kevzara® (sarilumab),
fasinumab, evinacumab, REGN-EB3, garetosmab, pozelimab, REGN-COV2,
Regeneron's oncology programs (including its costimulatory
bispecific portfolio), Regeneron's earlier-stage programs, and the
use of human genetics in Regeneron's research programs; the
likelihood and timing of achieving any of Regeneron's
anticipated development milestones; safety issues resulting from
the administration of Regeneron's Products and product candidates
in patients, including serious complications or side effects in
connection with the use of Regeneron's Products and product
candidates in clinical trials; the likelihood, timing, and scope of
possible regulatory approval and commercial launch of Regeneron's
product candidates and new indications for Regeneron's Products,
including without limitation EYLEA, Dupixent, Libtayo, Praluent,
Kevzara, fasinumab, evinacumab, REGN-EB3, garetosmab, pozelimab,
REGN-COV2, and REGN1979; the extent to which the results from the
research and development programs conducted by Regeneron and/or its
collaborators may be replicated in other studies and/or lead to
advancement of product candidates to clinical trials, therapeutic
applications, or regulatory approval; ongoing regulatory
obligations and oversight impacting Regeneron's Products (such as
EYLEA, Dupixent, Libtayo, Praluent, and Kevzara), research and
clinical programs, and business, including those relating to
patient privacy; determinations by regulatory and administrative
governmental authorities which may delay or restrict Regeneron's
ability to continue to develop or commercialize Regeneron's
Products and product candidates; competing drugs and product
candidates that may be superior to, or more cost effective than,
Regeneron's Products and product candidates; uncertainty of market
acceptance and commercial success of Regeneron's Products and
product candidates and the impact of studies (whether conducted by
Regeneron or others and whether mandated or voluntary) on the
commercial success of Regeneron's Products and product candidates;
the ability of Regeneron to manufacture and manage supply chains
for multiple products and product candidates; the ability of
Regeneron's collaborators, suppliers, or other third parties (as
applicable) to perform manufacturing, filling, finishing,
packaging, labeling, distribution, and other steps related to
Regeneron's Products and product candidates; the availability and
extent of reimbursement of Regeneron's Products from third-party
payers, including private payer healthcare and insurance programs,
health maintenance organizations, pharmacy benefit management
companies, and government programs such as Medicare and Medicaid;
coverage and reimbursement determinations by such payers and new
policies and procedures adopted by such payers; unanticipated
expenses; the costs of developing, producing, and selling products;
the ability of Regeneron to meet any of its financial projections
or guidance, including without limitation capital expenditures, and
changes to the assumptions underlying those projections or
guidance; the potential for any license or collaboration agreement,
including Regeneron's agreements with Sanofi, Bayer, and Teva
Pharmaceutical Industries Ltd. (or their respective affiliated
companies, as applicable), to be cancelled or terminated without
any further product success; and risks associated with intellectual
property of other parties and pending or future litigation relating
thereto (including without limitation the patent litigation and
other related proceedings relating to EYLEA, Dupixent, and
Praluent), other litigation and other proceedings and government
investigations relating to the Company and/or its operations, the
ultimate outcome of any such proceedings and investigations, and
the impact any of the foregoing may have on Regeneron's business,
prospects, operating results, and financial condition. A more
complete description of these and other material risks can be found
in Regeneron's filings with the U.S. Securities and Exchange
Commission, including its Form 10-K for the fiscal year ended
December 31, 2019 and its Form 10-Q
for the quarterly period ended June 30,
2020. Any forward-looking statements are made based on
management's current beliefs and judgment, and the reader is
cautioned not to rely on any forward-looking statements made by
Regeneron. Regeneron does not undertake any obligation to update
publicly any forward-looking statement, including without
limitation any financial projection or guidance, whether as a
result of new information, future events, or otherwise.
Regeneron
Contacts:
|
|
Media
Relations
Alexandra
Bowie
Tel: +1 (202)
213-1643
Alexandra.Bowie@regeneron.com
|
Investor
Relations
Justin
Holko
Tel: +1 (914)
847-7786
Justin.Holko@regeneron.com
|
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SOURCE Regeneron Pharmaceuticals, Inc.