Ultragenyx Pharma slides after stock offering launch

Mereo BioPharma

18/10/2023 14:39

** Shares of Ultragenyx Pharmaceutical Inc  RARE.O  down
8.1% at $33.86 after co launched equity offering
    ** Genetic disorder drug firm late Tues announced $300 mln
stock offering
    ** It plans to use net offering proceeds to advance its
late-stage clinical programs, support global commercial launch
activities and preclinical pipeline, per prospectus filing
    ** JP Morgan, Goldman, BofA and TD Cowen jt bookrunners for
offering, slated to price Weds after markets close
    ** Co has ~71.5 mln shares outstanding for about $2.6 bln
market cap as of Tues
    ** Over the 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
    ** With move on the session, RARE down ~27% YTD

 (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))