CRISPR Therapeutics has priced $550 million aggregate principal amount of convertible senior notes due March 1, 2031, and granted the initial purchasers an option to purchase up to an additional $50 million. The offering, upsized from $350 million, is expected to close on March 16, 2026, subject to customary closing conditions.

The notes will be senior, unsecured obligations carrying a 1.125% coupon, which was increased by 0.6058% to 1.7308% to offset an anticipated 35% Swiss withholding tax. Interest will be paid semiannually on March 1 and September 1, beginning September 1, 2026.

Holders may convert their notes at any time before maturity, excluding defined freeze periods, at a rate of 13.0617 common shares per $1,000 principal amount (equivalent to a $76.56 conversion price). This represents a 45% premium to the March 10 closing price of $52.80 and is subject to adjustment upon certain corporate events or optional redemption notices.

Net proceeds are expected to total approximately $536.3 million, or $585.2 million if the full option is exercised, after discounts and expenses. Funds will be used for general corporate purposes, reinforcing the balance sheet while introducing potential dilution if and when notes are converted.