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NovoCure Limited Announces Closing of Partial Exercise of IPO Over-Allotment Option


NovoCure Limited (NVCR), a commercial stage oncology company pioneering a novel therapy for solid tumors, announced the closing today of a partial exercise of the over-allotment option by the underwriters of its previously announced initial public offering in the amount of an additional 376,195 ordinary shares at IPO price. There remain an additional 748,805 ordinary shares issuable pursuant to the underwriters’ over-allotment option, which remains exercisable until October 31, 2015.

NovoCure received net proceeds of approximately $7.7 million from the partial exercise of the option, after deducting the underwriting discount. Today’s closing of the partial exercise of the option brings the total net proceeds from NovoCure’s initial public offering to approximately $158 million, after deducting the underwriters’ discount and estimated offering expenses. NovoCure intends to use the IPO proceeds for working capital and general corporate purposes, including clinical trials, research and development and continued commercialization of Optune and its future delivery systems.

NovoCure shares trade on the NASDAQ Global Select Market under the symbol “NVCR.”

J.P. Morgan Securities LLC, Deutsche Bank Securities and Evercore Group L.L.C. acted as joint book-running managers for the offering. Wells Fargo Securities, LLC acted as lead manager and JMP Securities LLC and Wedbush PacGrow acted as co-managers. Perella Weinberg Partners LP acted as independent capital markets advisor to NovoCure Limited for the offering.

A registration statement relating to these...