Gene therapy co Orchard Therapeutics slides on deep-discounted stock deal

Orchard Therapeutics

06/06/2019 12:23

** Orchard Therapeutics  ORTX.O  shares down 4.6% to $14.35
premarket after co prices its first-time follow-on at a deep
discount
    ** UK-headquartered biotech offers 9 mln ADSs for gross
raise of $128 mln  urn:newsml:reuters.com:*:nGNX3T2tpZ
    ** Deal prices at $14.25, a 25% discount to stock's $19.09
close on Mon when co launched a deal size representing ~10% of
ORTX outstanding shares and nearly 80 days of trading volume
 urn:newsml:reuters.com:*:nL2N23B0W3
    ** Orchard to use net proceeds to fund ongoing development
of product candidates and ongoing commercialization of
Strimvelis, among other uses
    ** Strimvelis is an EU-approved gene therapy for Severe
Combined Immune Deficiency (SCID), commonly known as 'bubble boy
disease', a genetic defect that leaves children, typically boys,
without an immune system
    ** Follow-on gets done just above the $14 price of Orchard's
Oct IPO, which raised $200 mln  urn:newsml:reuters.com:*:nGNX7RWFyK

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