Caribou Biosciences drops on pricing $125 mln stock offering
14/07/2023 11:31
** Caribou Biosciences Inc's CRBU.O shares down 7.9% at
$7.50 premarket after overnight follow-on prices
** Co sold ~19.2 mln shares at $6.50 for $125 mln raise to
fund clinical development of its product candidates
** Offering size increased from $100 mln, priced at ~20%
discount to stock's last sale of $8.14
** BofA, Leerink, Evercore and RBC Capital jt bookrunners
** Alongside offering launch, Caribou said its CAR-T cell
therapy to treat a type of lymph node cancer helped achieve
complete response for 6 months and more in 7 of 16 patients in
early stage trial
** Through Thurs close, CRBU shares had doubled since co on
Jul 6 disclosed Pfizer Inc PFE.N in late Jun invested $25 mln
(at $5.33/sh) to gain rights to purchase co's CAR-T therapy to
treat a type of blood cancer
** Caribou has ~61.36 mln shares outstanding for ~$500 mln
market cap
(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))