Cerevel Therapeutics rallies after upsized $450 mln stock offering

Cerevel Therapeutics Holdings

12/10/2023 16:55

** Shares of Cerevel Therapeutics  CERE.O  up 5.2% at $24.01
on Thurs after co raises more equity than targeted
    ** CERE rises as much as 8.6% to $24.77, highest since Aug 3
    ** Biopharma firm focused on neuroscience diseases late Weds
priced ~19.7 mln shares at $22.81 for $450 mln gross raise with
Goldman Sachs as lead bookrunner
    ** Offering size increased from $400 mln and priced at
stock's last sale
    ** Cerevel intends to use net offering proceeds to support
ongoing/planned clinical trials, R&D, and extend cash runway
into 2026, according to the offering prospectus
    ** Co, which has ~157.4 mln shares outstanding, had approx
$758 mln in cash on its balance sheet at end-Sept
    ** Even with move on the session, CERE off 24% YTD

 (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))