Ultragenyx Pharma rebounds after $300 mln equity offering priced

Mereo BioPharma

19/10/2023 14:06

** Ultragenyx Pharmaceutical's  RARE.O  stock up 3.9% at
$32.93 premarket after follow-on priced
    ** Genetic disorder specialist late Weds announced 10 mln
shares, including 1.7 mln pre-funded warrants, at $30
    ** RARE on Weds tumbled nearly 14% to $31.73 after co
launched offering to advance its late-stage clinical programs,
support global commercial launch activities and preclinical
pipeline
    ** Last weekend, co and Mereo BioPharma  MREO.O  announced
interim data from mid-stage study that treatment with setrusumab
(UX143) significantly reduced incidence of fractures in patients
with osteogenesis imperfecta
    ** Ultragenyx has ~71.5 mln shares outstanding for about
$2.3 bln market cap, per LSEG
    ** Through Weds close, RARE down ~32% YTD
    ** JP Morgan, Goldman, BofA and TD Cowen acting as 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))