Milestone Pharmaceuticals completes US$94.9M initial public offering

Date Closed

May 13, 2019

Lead Office

Toronto

Value

94.90 Million USD

On May 13, 2019, Milestone Pharmaceuticals completed its previously announced initial public offering ("IPO") of 5,500,000 common shares through a syndicate of underwriters at a price of US$15.00 per share for gross proceeds of approximately US$82.5 million. On May 14, 2019, Milestone announced the underwriters had fully exercised their option to purchase an additional 825,000 shares at a price of US$15.00 per share for additional gross proceeds of approximately US$12.4 million, bringing the total proceeds from the offering to approximately US$94.9 million. Milestone began trading on the Nasdaq Global Select Market ("NASDAQ") under the ticker NASDAQ:MIST on the same day as the closing of the IPO.

Milestone intends to use the proceeds from the offering to fund clinical trials as well as for pre-commercialization activities, research and development activities, working capital and general corporate purposes.

The underwriters included Jefferies LLC and Cowen and Company LLC, as joint bookrunning managers, and Oppenheimer & Co. Inc., as lead manager.

Headquartered in Montreal, Milestone is a Phase 3 clinical-stage biopharmaceutical company dedicated to developing and commercializing the investigational new drug etripamil for the treatment of cardiovascular indications.

McCarthy Tétrault LLP advised the underwriters, as Canadian counsel, with a team led by Andrew Parker and Charles-Antoine Soulière that included Vincent Laurin (Business) and Marie-Soleil Landry and Quentin Lageix (Tax).

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