ArriVent BioPharma drops after $75 mln equity raise

ArriVent BioPharma

02/07/2025 12:25

** ArriVent BioPharma's AVBP.O shares down 4.3% premarket at $20 after overnight follow-on priced

** Newtown Square, Pennsylvania-based late Tues announced ~3.8 mln shares, including pre-funded warrants to buy ~1.4 mln shares, for $75 mln gross proceeds

** Offering price of $19.50 is 6.7% discount to stock's last sale

** Co to use net proceeds to support activities for lead candidate, firmonertinib, its treatment for non-small cell lung cancer, and other pipeline programs, among other general purposes

** Goldman Sachs, Citigroup and Guggenheim are jt bookrunners for offering

** ArriVent has ~34.2 mln shares outstanding for ~$715 mln market cap

** AVBP shares on Tues fell 4% to $20.89, stretching YTD loss to ~22%

** All 8 analysts are bullish on AVBP with avg rating of "strong buy" and median PT is $40, latest LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))