Opthea Limited’s $128.2 Million IPO

Goodwin Procter LLP advised Citigroup and other underwriters on the deal. Cooley LLP advised Opthea on the deal.

Opthea Limited (ASX:OPT, Nasdaq: OPT), a clinical stage biopharmaceutical company developing a novel therapy to treat highly prevalent and progressive retinal diseases, announced the pricing of its initial public offering in the United States (the “Offering”) of 8,563,300 American Depositary Shares (“ADS”), representing 68,506,400 ordinary shares, at an initial public offering price of US$13.50 per ADS, before underwriting discounts and commissions. In addition, and in lieu of ADSs, the Company offered and sold to certain investors pre-funded warrants to purchase 936,700 ADSs at a public offering price of US$13.49999 per pre-funded warrant, which represents the initial public offering price per ADS, minus the US$0.00001 per ADS exercise price of each pre-funded warrant. The aggregate gross proceeds to the Company are expected to be approximately US$128.2 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,425,000 ADSs at the initial public offering price per ADS less underwriting discounts and commissions. The ADSs are expected to begin trading on the Nasdaq Global Select Market on October 16, 2020 under the ticker symbol “OPT.”

Citigroup and SVB Leerink are acting as joint book-running managers for the Offering. Oppenheimer & Co. and Truist Securities are acting as lead managers.

Opthea (ASX:OPT, Nasdaq: OPT) is a biopharmaceutical company developing a novel therapy to address the unmet need in the treatment of highly prevalent and progressive retinal diseases, including wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME).

The Goodwin team was led by Edwin O’Connor (Picture), Seo Salimi, Kyra Ayo Caros, Kim Larie, Christine Jeong, and Peter Rodas, and included Julie Tibbets, Alex Varond, Elizabeth Mulkey, Kristina Jacobs, Olivia Uitto, Roger Cohen, Bryna Shmerling, Madison Marcus, Jacqueline Klosek, Daniel Karelitz, Leon Peschel, Sarah Bock, and Brad Weber, with invaluable assistance from Kimberly Martin.

The Cooley team was led by Ferish Patel and also included  Div Gupta, John McKenna, Brent Siler, Milson Yu, Rose McKinley, Kendra Fox, Emily Hu, Tess Morgan, Jason Minio, Aaron Pomeroy, David Dalton, Mark Windfeld-Hansen, Natasha Leskovsek and Jennifer Shanley.

Involved fees earner: David Dalton – Cooley LLP; Kendra Fox – Cooley LLP; Div Gupta – Cooley LLP; Emily Hu – Cooley LLP; Natasha Leskovsek – Cooley LLP; John McKenna – Cooley LLP; Rose McKinley – Cooley LLP; Jason Minio – Cooley LLP; Tess Morgan – Cooley LLP; Ferish Patel – Cooley LLP; Aaron Pomeroy – Cooley LLP; Jennifer Shanley – Cooley LLP; Brent Siler – Cooley LLP; Mark Windfeld-Hansen – Cooley LLP; Milson Yu – Cooley LLP; Sarah Bock – Goodwin Procter; Kyra Ayo Caros – Goodwin Procter; Roger Cohen – Goodwin Procter; Kristina Jacobs – Goodwin Procter; Christine Jeong – Goodwin Procter; Daniel Karelitz – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Kimberly Larie – Goodwin Procter; Madison Marcus – Goodwin Procter; Elizabeth Mulkey – Goodwin Procter; Edwin O’Connor – Goodwin Procter; Leon Peschel – Goodwin Procter; Peter Rodas – Goodwin Procter; Seo Salimi – Goodwin Procter; Bryna Shmerling – Goodwin Procter; Julie Tibbets – Goodwin Procter; Olivia Uitto – Goodwin Procter; Alexander Varond – Goodwin Procter; Bradley Weber – Goodwin Procter;

Law Firms: Cooley LLP; Goodwin Procter;

Clients: Citigroup Global Markets Ltd; Oppenheimer & Co; Opthea; SVB Leerink LLC; Truist Securities Inc. ;

Author: Ambrogio Visconti