Drug developer Belite Bio falls on planned equity raise

Belite Bio

01/12/2025 21:43

** Drug developer Belite Bio's BLTE.O shares fall 1.3% to $152 in extended trading

** BLTE announces public offering of American Depositary Shares; size not disclosed

** Proceeds from the share sale will be used for commercialization preparation and developing its pipelines, among other purposes

** Morgan Stanley, Leerink Partners, BofA Securities and Cantor are joint active book-running managers for offering

** BLTE's shares hit record high and closed up 12% at $154.02 on Monday after BLTE's experimental drug for a rare genetic eye disease met the main goal in a late-stage study

** BLTE has ~34.9 million outstanding shares, per LSEG data

** Five of six brokerages rate the stock "buy" or higher and one "hold"; median PT $140 — data compiled by LSEG

** As of last close, BLTE stock has more than doubled YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))