Metacrine up on buyout offer from Equillium

Equillium

07/09/2022 15:33

** Shares of biopharmaceutical firm Metacrine Inc  MTCR.O 
up 10% at $0.51; Equillium Inc  EQ.O  shares down 8.5% at $3.9
following the offer
    ** EQ late on Tuesday offered to buy MTCR in an-all stock
deal to extend cash runaway and also add MTCR's experimental
inflammatory bowel disease (IBD) drug to its portfolio
 urn:newsml:reuters.com:*:nBw66Crrka
    ** EQ to issue stock valued at 25% premium over the net cash
delivered at closing, estimated to be nearly $26 mln
    ** The deal is expected to add $33 million in cash to EQ's
balance sheet at closing in late 2022
    ** EQ does not plan to retain any current MTCR employees and
expects to assume minimal operating expenses
    ** As of last close, MTCR down ~30% YTD

 (Reporting by Raghav Mahobe and Khushi Mandowara)
 ((Raghav.Mahobe@thomsonreuters.com;))