Relay Therapeutics drops on deep-discounted $200 mln equity offering

Relay Therapeutics

11/09/2024 11:41

** Relay Therapeutics'  RLAY.O  shares down 12.8% premarket
to $7.85 after follow-on priced
    ** Co late Tues said sold ~28.6 mln shares at $7 for $200
mln gross raise to fund research and clinical development of
pipeline candidates
    ** Offering price represents 22.2% discount to stock's last
sale
    ** On Mon, RLAY shares surged 52% and closed at $9.51 after
co said its breast cancer treatment cut disease progression in
early-stage trial. Stock ended Fri at $6.24
    ** Co has ~133.9 mln shares outstanding for $1.2 bln market
cap
    ** Through Tues, shares down ~18% YTD following 26% decline
in 2023
    ** Goldman Sachs, TD Cowen, Stifel and BofA jt bookrunners
for equity 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))