89Bio lifts after pricing upsized $275 mln stock offering
24/03/2023 12:20
** Shares of 89Bio Inc ETNB.O rise ~1% to $17.07 premarket
after co raises more equity than targeted
** Biopharma sells 16.9 mln shares at $16.25 for $275 mln
raise
** Shares on Thurs soared ~24% to close at $16.94, highest
since Nov 2021, after co launched $200 mln offering
** ETNB surged 25% on Weds after co's liver disease drug,
pegozafermin, to treat nonalcoholic steatohepatitis (NASH) met
both main goals in mid-stage study
** Co has ~52 mln shares outstanding
** With equity raise, it now has ~$460 mln of cash
(inclusive of $188 mln of cash on hand at end-Dec)
** Stock has surged 330% over the past 12 months
** BofA, SVB Securities and Evercore lead bookrunners for
the offering, joined by RBC and Raymond James
(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))