Esperion Therapeutics slides on deep-discounted stock offering

Esperion Therapeutics

19/01/2024 11:46

** Shares of Esperion Therapeutics  ESPR.O  down ~24% at
$1.63 premarket after overnight follow-on priced
    ** Co late Thurs said sold 56.7 mln shares at $1.50, ~30%
discount to last sale, for $85.1 mln gross raise
    ** It plans to use net offering proceeds to fund ongoing
commercialization efforts for heart disease drug Nexletol
    ** Earlier this month, ESPR and partner Daiichi Sankyo
 4568.T  announced $125 mln amendment to their collaboration and
settlement of litigation
    ** ESPR and Daiichi were involved in legal dispute over a
$300 mln milestone payment related to Nexletol
    ** ESPR, which has 113.7 mln shares outstanding (LSEG data),
also said late Thurs it had ~$82 mln of cash at end-Dec
    ** ESPR's stock has already fallen 28% to start 2024 through
Thurs, following 52% drop last year

 (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))