89bio slips after $125 mln stock deal

89bio

13/11/2024 12:56

**  Shares of 89Bio  ETNB.O  down 3.9% at $8.70 premarket
after overnight follow-on priced
  
    **  Liver disease specialist late Tues  ~14.7 mln shares,
including 3.25 mln pre-funded warrants, at $8.50 for $125 mln
gross proceeds
  
    ** Offering size boosted from $100 mln, priced at 6.1%
discount to last sale
  
    ** Co to use net proceeds to fund development of lead
candidate, pegozafermin, to treat metabolic
dysfunction-associated steatohepatitis (MASH), fatty liver
disease formerly known as NASH
  
    ** Goldman Sachs, Leerink and Evercore jt bookrunners for
offering
  
    ** Co has ~106.13 mln shares outstanding for $960 mln market
value
  
    **  Through Tues, stock off 19% YTD and well below one-year
high of $16.63 hit in early Mar
  
    ** Co slated to present Phase IIb trial data for  at the
75th annual "" healthcare conf held in San Diego from Nov 15-19
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-646-279-6380))