WEST CONSHOHOCKEN, Pa., (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases, today announced the pricing of the previously-announced underwritten secondary offering by investment funds affiliated with Bay City Capital LLC, of 1,200,000 shares of Madrigal’s common stock at the public offering price of $107.85 per share. In connection with the offering, the selling stockholders have granted the underwriter an option, exercisable for 30 days after December 10, 2019, to purchase up to 180,000 additional shares of common stock, at the public offering price, less underwriting discounts, from the selling stockholders. The offering is expected to close on or about December 13, 2019, subject to the satisfaction of customary closing conditions. Madrigal did not issue or offer any shares of common stock in the offering and will not receive any proceeds from the sale of shares in the offering.

Goldman Sachs & Co. LLC acted as the sole book running-manager for the offering.

About Madrigal Pharmaceuticals, Inc.

Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) is a clinical-stage biopharmaceutical company pursuing novel therapeutics that target a specific thyroid hormone receptor pathway in the liver, which is a key regulatory mechanism common to a spectrum of cardio-metabolic and fatty liver diseases with high unmet medical need. Madrigal’s lead candidate, resmetirom, is a first-in-class, orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR) ?-selective agonist that is currently in Phase 3 development for non-alcoholic steatohepatitis (NASH).