Mineralys Therapeutics slips after boosted $250 mln stock sale

Mineralys Therapeutics

03/09/2025 11:36

** Shares of Mineralys Therapeutics MLYS.O down 5.8% premarket $27.20 after overnight follow-on priced

      ** Radnor, Pennsylvania-based MLYS late Tues said it sold ~9.8 mln shares at $25.50 for $250 mln gross proceeds

            ** Offering size increased from $175 mln and priced at 11.6% discount to stock's last sale

                          **

                MLYS shares on Tues soared ~86% after AstraZeneca AZN.L over the weekend said it would seek approval for baxdrostat, a rival drug to MLYS's blood pressure drug, lorundrostat

            ** MLYS plans to use net offering proceeds to fund clinical development of lorundrostat, including R&D, manufacturing and pre-commercialization activities

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

                ** Through Tues, shares up

                      ~134% YTD

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

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

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