Annexon dips after $125 mln stock offering priced

Annexon

06/06/2024 12:19

** Annexon's  ANNX.O  shares down 1.9% at $6.66 premarket
after biopharma firm's follow-on priced
    ** Co late Weds announced ~20 mln shares, including
pre-funded warrants to buy 7 mln shares, for $125 mln raise
    ** Offering price of $6.25 is 8% discount to stock's last
sale of $6.79
    ** ANNX shares on Weds closed up ~13%, adding to ~31% gain
on Tues after co said ANX005 succeeded in late-stage study in
patients with Guillain-Barré syndrome (GBS)
    ** Co to use net offering proceeds, along with existing
cash, to fund advancement of the drug in GBS, including through
BLA (biologics license application) submission with U.S. FDA
    ** Offering size represents ~22% of co's shares outstanding,
per LSEG data
    ** JP Morgan, Jefferies, TD Cowen, BofA and Wells Fargo jt
bookrunners 
    ** ANNX shares have more than doubled over the past year

 (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))