Silverback Therapeutics Announces Pricing of Initial Public Offering

Silverback Therapeutics, Inc. (“Silverback”), a clinical-stage biopharmaceutical company leveraging its proprietary ImmunoTAC technology platform to develop systemically delivered, tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases, today announced the pricing of its initial public offering of 11,500,000 shares of its common stock at a price to the public of $21.00 per share. The gross proceeds to Silverback from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $241.5 million. All of the shares are being offered by Silverback. In addition, Silverback has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of its common stock at the initial public offering price less the underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Market on December 4, 2020, under the ticker symbol “SBTX.” The offering is expected to close on December 8, 2020, subject to customary closing conditions.

Goldman Sachs & Co. LLC, SVB Leerink and Stifel are acting as joint book-running managers for the offering. H.C. Wainwright & Co. is acting as the lead manager for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission (SEC) and became effective on December 3, 2020. Copies of the registration statements can be accessed through the SEC's website at www.sec.gov. This offering is being made only by means of a written prospectus, forming a part of the effective registration statement. Copies of the final prospectus relating to the initial public offering may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at [email protected]; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6132, or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, or by telephone at (415) 364-2720, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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