Longboard Pharma up after pricing of upsized stock offering

Longboard Pharmaceuticals

04/01/2024 11:04

** Longboard Pharmaceuticals  LBPH.O  stock up 3.21% to
$22.4 premarket as co seeks equity raise
    ** Biopharma firm announces an upsized underwritten public
offering of 10 mln shares, priced at $21/shr, a 6.25% discount
from its last closing price of $22.4
    ** Gross proceeds expected to be $210 mln, offering expected
to close on Jan. 8
    ** Cantor Fitzgerald and Citigroup are acting as lead
bookrunners
    ** Co has ~23.86 mln shares outstanding and a $534.4 mln
market cap as of last close - LSEG data
    ** LBPH shares surged 316.3% to a record high close on
Tuesday after co's epilepsy drug met main goal in an
early-to-mid stage study
    ** All 7 analysts covering LBPH rate "buy" or higher
    ** LBPH rose 85% in 2023

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com))