Belite Bio announces up to $250M upsized private placement financing

Belite Bio (BLTE) entered into securities purchase agreements with leading healthcare investors for a private placement in public equity financing that is expected to result in gross proceeds of approximately $125 million, before deducting placement agent fees and estimated offering expenses, and up to an additional approximately $150 million in gross proceeds if the accompanying warrants are fully exercised for cash. Pursuant to the terms of the securities purchase agreements, at the closing of the PIPE, Belite Bio will issue 1,953,124 ordinary shares and warrants to purchase 1,953,124 ordinary shares, at a purchase price of $64.00 per ordinary share and accompanying warrant. Each warrant will be immediately exercisable with an exercise price of $76.80 per ordinary share, representing a 20% premium to the PIPE purchase price, and will expire two years from the date of issuance. The PIPE is expected to result in gross proceeds of approximately $125 million at close, before deducting placement agent fees and estimated offering expenses, as well as the potential for additional proceeds of approximately $150 million from the exercise of the warrants issued in the PIPE. The closing of the PIPE is expected to occur on or about September 9, 2025, subject to the satisfaction of customary closing conditions. The PIPE was led by RA Capital Management and included participation from Eventide Asset Management, Marshall Wace, RTW Investments, Soleus Capital and Vestal Point Capital. The Company intends to use the net proceeds from the PIPE for commercialization preparation, working capital and general corporate purposes. Morgan Stanley is acting as the sole placement agent for the PIPE.