Bruker slides after 6 mln share offering priced

NS Wind Down Co

30/05/2024 14:28

** Bruker Corp's  BRKR.O  shares down 10.4% premarket to
$65, lowest since early Dec, after life sciences diagnostics
equipment provider raises equity
    ** Co late Weds announced pricing of 6 mln share offering
with BofA and JP Morgan as jt bookrunners
    ** Offering priced at $68, 6.3% discount to stock's last
close, IFR reports, which equates to $408 mln gross raise
    ** Co plans to use net proceeds to pay down debt following
recent acquisitions, including to partially repay borrowings
under revolving credit agreement
    ** Bruker on Apr 30 completed all-cash ~$923 mln purchase of
molecular diagnostics firm ELITechGroup and on May 6 closed
all-cash ~$393 mln acquisition of life sciences tool maker
NanoString Technologies
    ** With ~145.3 mln shares outstanding, Bruker has $10.5 bln
market cap
    ** Through Weds, BRKR shares off ~1% YTD and off >20% from
record highs hit in mid-Mar

 (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))