Mineralys Therapeutics down on $175 mln stock offering plans

Mineralys Therapeutics

02/09/2025 22:20

** Shares of Mineralys Therapeutics MLYS.O down 3.8% after hours to $27.77 as co seeks equity raise

      ** Radnor, Pennsylvania-based MLYS commences $175 mln stock offering

            ** It intends to use net offering proceeds to fund clinical development of its blood pressure drug, lorundrostat, including R&D, manufacturing and pre-commercialization activities

                ** BofA, Evercore, Goldman Sachs, Stifel and Wells Fargo are joint bookrunners for offering

                **

      MLYS shares on Tues soared 86.4% to $28.86, a record high close, after AstraZeneca AZN.L over the weekend said it would seek approval for baxdrostat, a rival drug to MLYS's lorundrostat

                    ** Data showed that 2mg of baxdrostat, added to standard treatment, reduced systolic blood pressure by 9.8 millimeters of mercury from the baseline at 12 weeks, when adjusted for placebo

                    ** In Mar, MLYS's lorundrostat met main goals in mid- and late-stage trials

                      ** With ~66.3 mln shares outstanding, co has ~$1.9 bln current market cap

                      ** Stock up ~135% YTD through Tues

        ** 7 of 8 analysts rate stock "strong buy" or "buy", 1 has "hold"; median PT is $42.50, LSEG data shows

        ** Co went public in Feb 2023 IPO priced at $16

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))