Longboard Pharma down as Pfizer cashes out in block trade

Longboard Pharmaceuticals

26/01/2024 14:47

** Longboard Pharmaceuticals Inc's  LBPH.O  shares down 7.5%
at $24.06 early Fri on block trade
    ** Citigroup priced ~4 mln shares at $24.25, 6.7% discount
to stock's $26 close on Thurs, theFly.com reports
    ** Shares were held by Arena Pharmaceuticals, wholly-owned
subsidiary of Pfizer  PFE.N  (See Jan 10 SEC filing)
    ** Pfizer received LBPH shares through its $6.7 bln
acquisition of Arena in Mar 2022
    ** LBPH shares have more than quadrupled this year in wake
of co's epilepsy drug meeting main goal in mid-stage study
    ** Co earlier this month raised $210 mln in stock offering
priced at $21 to fund a Phase III trial
    ** LBPH has ~33.9 mln shares outstanding, per LSEG

 (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))