Ultragenyx Pharma drops after launching $350 mln stock offering

Mereo BioPharma

13/06/2024 14:13

** Ultragenyx Pharmaceutical's  RARE.O  shares down 5% at
$42.42 premarket as co plans equity raise
    ** Rare disease drug developer late Weds commenced $350 mln
stock and pre-funded warrants offering
    ** JP Morgan, Goldman, BofA Securities and TD Cowen jt
bookrunners
    ** Co plans to use net offering proceeds to advance
late-stage clinical programs, support global commercial launch
activities and preclinical pipeline, per SEC prospectus filing
    ** Co late Weds also said seeking accelerated approval from
U.S. FDA for drug to treat Sanfilippo Syndrome Type A, a brain
and central nervous system disorder in children
    ** And late Tues, Ultragenyx and Mereo BioPharma  MREO.O 
announced new Phase II data from drug to treat bone fractures in
patients with osteogenesis imperfecta
    ** Ultragenyx has ~$3.7 bln market cap, per LSEG data
    ** RARE shares on Weds rose 7.8%, trimming YTD loss to 6.6%

 (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))