Chinook Therapeutics drops on $105 mln stock deal

Chinook Therapeutics

25/05/2022 11:43

** Chinook Therapeutics  KDNY.O  shares down ~6% premarket
after follow-on prices
    ** Kidney disease-focused biopharma sells 7.5 mln shares,
including ~1.1 mln pre-funded warrants, for $105 mln raise
 urn:newsml:reuters.com:*:nGNX9spzTD
    ** Offering price of $14 represents 7.3% discount to stock's
last sale
    ** Co to use net offering proceeds to continue Phase III and
Phase II trials of atrasentan, fund Phase III trial of BION-1301
    ** Co has ~55.2 mln shares outstanding for ~$834 mln market
cap, per Refinitiv data, and ~54.4 mln of free float
    ** SVB Secs, Cantor and William Blair jt bookrunners for
offering
    ** YTD, shares down 7.4% through Tues close
    ** Wall Street firmly bullish on KDNY with "strong buy"
rating; median PT $30 - Refinitiv

 (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))