BOSTON--(BUSINESS WIRE)--Verastem, Inc., (Nasdaq: VSTM), focused on developing and commercializing medicines to improve the survival and quality of life of cancer patients, today announced the pricing of an offering of 5.00% Convertible Senior Notes due 2048 (the Convertible Notes) through a registered direct offering. The aggregate principal amount of Convertible Notes to be sold in the offering is $150 million. The Convertible Notes will be unsecured, will bear interest at a rate of 5.00% per annum, paid semi-annually in arrears, and will mature on November 1, 2048, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date.

The net proceeds to Verastem Oncology from the offering of the Convertible Notes are expected to be approximately $145.4 million, after transaction fees and expenses. The net proceeds will be used by Verastem Oncology for the continued clinical development of COPIKTRA (duvelisib) and its other lead product candidates, and the balance to fund working capital, capital expenditures and other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates or technology.