89Bio down on pricing $150 mln stock offering
07/12/2023 13:03
** 89Bio Inc's ETNB.O stock down 4.4% at $9.50 premarket
after biopharma firm's overnight follow-on prices
** Liver disease specialist announces ~16.2 mln shares,
including ~1.1 mln pre-funded warrants, at $9.25 for $150 mln
raise
** Offering upsized from $125 mln, prices at 6.9% discount
to last sale
** Co has ~75.6 mln shares outstanding for roughly $750 mln
market cap
** ETNB's shares rose 18% this week through Weds close. On
Mon, co said plans to advance its drug candidate, pegozafermin,
to treat nonalcoholic steatohepatitis (NASH), into late-stage
trial after positive US FDA feedback
** On Oct 10, ETNB's stock plunged ~37% after rival Akero
Therapeutics' AKRO.O lead NASH drug failed in mid-stage study
** BofA and Leerink Partners jt lead bookrunners for ETNB's
stock offering
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))