Nurix Therapeutics drops after upsized $175 mln stock offering

Nurix Therapeutics

12/04/2024 12:36

** Nurix Therapeutics Inc's  NRIX.O  shares down 5.3% at
$16.30 premarket after overnight follow-on priced
    ** Biopharma firm late Thurs announced ~11.7 mln shares,
including 1.5 mln pre-funded warrants, at $15 for $175 mln gross
raise
    ** Offering size boosted from $125 mln, priced at 12.8%
discount to last sale
    ** Co plans to use net offering proceeds to fund clinical
development of drug candidates, fund R&D
    ** NRIX shares on Tues closed up 27% at $17.48 after co
announced extension of collaboration with Sanofi  SASY.PA  and
reported first findings of clinical responses in the brain for
NX-5948, its treatment for B cell malignancies
    ** Nurix earlier this month announced collaboration
extension with Gilead Sciences  GILD.O . In Q4 2023, co entered
new collaboration with Pfizer  PFE.N 
    ** With ~49.2 mln shares outstanding, Nurix has ~$846 mln
market cap
    ** Shares up 67% YTD through Thurs
    ** JP Morgan, Piper Sandler and Stifel 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))