Madrigal Pharmaceuticals announces $500M common stock offering

Madrigal Pharmaceuticals announced that it has commenced an underwritten public offering of $500M in shares of its common stock and pre-funded warrants to purchase common stock. All of the shares in the proposed offering are to be sold by Madrigal. Madrigal intends to use the net proceeds from this offering for its commercial activities in connection with the launch of Rezdiffra in the U.S. and for general corporate purposes, including, without limitation, research and development expenditures, ongoing clinical trial expenditures, manufacture and supply of drug substance and drug products, potential acquisitions or licensing of new technologies, potential ex-U.S. commercialization or partnering opportunities, capital expenditures and working capital. Goldman Sachs & Co., Jefferies, TD Cowen, Evercore ISI, Piper Sandler, UBS Investment Bank and Citizens JMP are acting as joint bookrunning managers of the proposed offering.