Intra-Cellular Therapies slips on $500 mln stock offering

Intra-Cellular Therapies

18/04/2024 14:07

**  Intra-Cellular Therapies'  ITCO.O  shares down 3.6% at
$73.90 premarket after follow-on offering priced
    ** Biopharma co late Weds announced ~6.8 mln shares at $73
for $500 mln gross proceeds
    ** Offering price represents 4.8% discount to stock's last
sale
    ** ITCI's shares on Tues closed up 23% at $79.84 after co's
depression drug met main goal in late-stage study
    ** ITCI intends to use net offering proceeds to fund
commercialization activities of the drug (brand name Caplyta)
    ** Co has ~96.8 mln shares outstanding for ~$7.5 bln market
cap, per LSEG data
    ** JP Morgan, Leerink, BofA, Morgan Stanley and RBC are jt
bookrunners for stock offering

 (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))