AbCellera dips after $200 mln share sale for menopause drug
BUZZ-AbCellera dips after $200 mln share sale for menopause drug ** Shares of AbCellera Biologics ABCL.O down 1.3% at $10.22 premarket on Thurs after $200 mln follow-on priced
** Canadian biotech early Thurs announced ~17.4 mln shares and pre-funded warrants to buy up to ~3.1 mln shares at $9.75
** Offering price represents 5.9% discount to stock's last close of $10.36
** Jefferies, J.P. Morgan, Cantor, UBS and BMO joint bookrunners
** Co intends to use net proceeds to fund R&D, clinical advancement of its internal pipeline, including lead clinical program, ABCL635, among other purposes
** ABCL shares on Mon surged 35% to close at $9.34 after co said its menopause treatment, ABCL635, reduced hot flashes in mid-stage trial
** Prior to offering, co had ~306.6 mln shares outstanding
** Stock has tripled YTD
** All 9 analysts covering ABCL are bullish; median PT is $14, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))