Alector tumbles as $75 mln stock offering prices
17/01/2024 14:13
(Updates with pricing information)
** Alector Inc's ALEC.O stock down 14.9% at $6.50
premarket as biotech firm raises equity
** Alzheimer’s drug developer announces pricing of ~10.9 mln
shares, raises $75 mln for general purposes
** Offering priced at $6.90, 9.7% discount to stock's last
close
** Alector, which collaborates with GSK GSK.L and AbbVie
ABBV.N , has ~84.1 mln shares outstanding for roughly $643 mln
market cap
** Co also late Tues said it had ~$549 mln of cash at
end-Dec to fund its operations into H2 2026
** ALEC shares have lost 12% over the past year through Tues
close, but have gained ~26% over the past 3 months
(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))