Insmed announces $650 million public offering of common stock

BRIDGEWATER, N.J. - Insmed Incorporated (NASDAQ:INSM), a biopharmaceutical company with a market capitalization of $17.82 billion, announced today its intention to offer and sell $650 million of common stock shares in an underwritten public offering. The company, which has seen its stock surge 23.4% in the past week according to InvestingPro data, also plans to grant underwriters a 30-day option to purchase up to an additional $97.5 million of shares.

Goldman Sachs & Co. LLC and Leerink Partners are acting as joint book-running managers for the offering, which is subject to market conditions. The company noted there is no assurance regarding the completion, timing, or final terms of the offering.

The offering is being made pursuant to Insmed’s shelf registration statement on Form S-3 that became effective on May 19, 2023. A preliminary prospectus supplement will be filed with the Securities and Exchange Commission.

Insmed focuses on developing therapies for pulmonary and inflammatory conditions. The company currently markets ARIKAYCE, a therapy approved in the United States, Europe, and Japan for treating a chronic lung disease. Its development pipeline includes brensocatib and treprostinil palmitil inhalation powder (TPIP), along with early-stage programs involving gene therapy and protein engineering. With revenue growth of 20.77% over the last twelve months, the company demonstrates strong commercial momentum despite current unprofitability. Discover more detailed insights about Insmed’s financial health and growth prospects in the comprehensive Pro Research Report, available exclusively on InvestingPro.

The company’s headquarters are in Bridgewater, New Jersey, with additional offices and research locations throughout the United States, Europe, and Japan.

This article is based on a press release statement from Insmed Incorporated.

In other recent news, Insmed has received several positive updates following the release of data for its treprostinil palmitil inhalation powder (TPIP) treatment in pulmonary arterial hypertension (PAH). RBC Capital, H.C. Wainwright, Mizuho, BofA Securities, and Evercore ISI all raised their price targets for Insmed, citing the strong results from Phase 2 studies. RBC Capital increased its target to $106, highlighting the treatment’s robust efficacy and potential for significant revenue by 2034. H.C. Wainwright set a new target of $120, emphasizing the positive Phase 2A and 2B study outcomes. Mizuho raised its target to $110, describing the data as "outstanding" and suggesting TPIP could become a new standard of care in PAH. BofA Securities adjusted its target to $109, noting the treatment’s potential as a foundational therapy in PAH and PH-ILD. Evercore ISI also increased its target to $110, pointing to the significant improvements in key endpoints like pulmonary vascular resistance and 6-minute walk distance. These developments have positioned Insmed as a company with promising near-term growth prospects and potential merger and acquisition interest.

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