Centessa Pharma jumps after upsized $225 mln stock offering

Centessa Pharmaceuticals

13/09/2024 14:28

** U.S.-listed shares of Centessa Pharmaceuticals  CNTA.O 
up 11.9% premarket to $16.90 after UK firm raises more equity
than planned
    ** Narcolepsy-focused biotech late Thurs announced offering
of ~15.3 mln American depositary shares (ADSs) priced at $14.75
for $225 mln gross proceeds to fund development of its product
candidates
    ** Deal size increased from $150 mln
    ** Shares on Thurs closed up 9.8% at $15.10, up 90% YTD
    ** Early Tues, co said its sleep disorder drug, ORX750,
showed statistically significant improvement in mean sleep
latency
    ** With 113.3 mln shares outstanding, co has ~$1.7 bln
market cap
    ** Goldman Sachs, Leerink, Evercore, Guggenheim and BMO jt
bookrunners

 (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))