Cogent announces $200M convertible senior notes, $200M common stock offerings

Cogent Biosciences (COGT) announced that it has commenced underwritten public offerings of $200M aggregate principal amount of its convertible senior notes due 2031 and $200M of its shares of common stock. The closing of neither the proposed convertible notes offering nor the equity offering is conditioned upon the closing of the other offering. Cogent intends to use the net proceeds from the proposed convertible notes offering and the proposed equity offering to repay $50M of loans outstanding under its existing term loan facility, plus accrued interest and associated fees, and the remainder for development and regulatory activities relating to bezuclastinib and other product candidates, the anticipated commercial launch and commercialization of bezuclastinib, as well as for working capital and general corporate purposes. Jefferies and J.P. Morgan are acting as joint book-running managers for the proposed convertible notes offering. J.P. Morgan, Jefferies, Leerink Partners and Guggenheim Securities are acting as joint-book running managers for the proposed equity offering. LifeSci Capital is acting as lead manager and Raymond James is acting as co-manager for the proposed equity offering.