Disc Medicine down after $450 mln equity raise following rare disease drug trial success
BUZZ-Disc Medicine down after $450 mln equity raise following rare disease drug trial success ** Disc Medicine's IRON.O shares down 1.1% at $78.64 before the bell after $450 mln follow-on priced
** Biopharma firm late Tues sold 6 mln shares at $75, a 5.6% discount to stock's last sale of $79.48
** IRON stock soared ~39% to close at $78.93 on Mon after its drug bitopertin met all main and secondary goals in late-stage study to treat erythropoietic protoporphyria (EPP), a blood disorder which makes patients extremely sensitive to sunlight
** Study's success sets the stage for IRON to resubmit its application for an FDA review of bitopertin after the regulator turned down the drug earlier this year
** After the bell Mon, co launched a $350 mln offering to fund R&D of current or additional product candidates, support potential commercialization of bitopertin for EPP and X-linked protoporphyria (XLP), among other purposes
** Jefferies, Leerink, Morgan Stanley and Cantor Fitzgerald joint bookrunners
** Watertown, Massachusetts-based IRON has ~38.4 mln shares outstanding
** All 13 analysts covering the stock are bullish; median PT $117.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))