Ultragenyx Pharma falls on stock offering pricing

Mereo BioPharma

14/06/2024 14:15

** Shares of Ultragenyx Pharmaceutical  RARE.O  shares down
4.9% at $41 before the bell after co secures equity raise
    ** Rare disease drug developer late Thurs announced pricing
of ~9 mln shares, including pre-funded warrants to buy ~1.5 mln
shares, at $39 for $350 mln gross proceeds
    ** RARE shares on Thurs closed down 3.4% at $43.12,
extending YTD loss to ~10%
    ** Co to use net offering proceeds to advance late-stage
clinical programs, support global commercial launch activities
and preclinical pipeline
    ** Late Weds, co 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
    ** Late Tues, co and Mereo BioPharma  MREO.O  announced new
Phase II data from drug to treat bone fractures in patients with
osteogenesis imperfecta
    ** Ultragenyx has ~83.1 mln shares outstanding for ~$3.6 bln
market cap and ~79.5 mln shares of free float, per LSEG
    ** JP Morgan, Goldman, BofA Securities and TD Cowen jt
bookrunners for stock offering

 (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))