Athenex dives on $30 mln stock-and-warrants deal
11/08/2022 12:01
** Athenex Inc ATNX.O shares down nearly 30% premarket as
cancer-focused biopharma raises equity
** ATNX sells 40 mln shares, including pre-funded warrants
to certain investors in lieu of shares, and accompanying
warrants to buy up to additional 40 mln shares for $30 mln raise
urn:newsml:reuters.com:*:nGNX9khyCw
** Offering price of 75 cents represents 32% discount to
stock's last close
** Co plans to use net offering proceeds to fund ongoing
clinical development for its drug candidates
** ATNX has ~121.6 mln shares outstanding and ~93 mln of
public float, per Refinitiv data
** SVB Secs sole bookrunner for offering
** Shares have more than doubled this month, including ~52%
gain last Fri after The Economic Times reported https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/intas-dr-reddys-in-race-with-pes-to-buy-us-athenex/articleshow/93356512.cms
India's Intas Pharmaceuticals INTA.NS and Dr Reddy's
Laboratories REDY.NS competing with several U.S.-based private
equity firms to buy ATNX, citing people with knowledge of the
matter
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))