Silence Therapeutics dips premarket after $175 mln share sale
BUZZ-Silence Therapeutics dips premarket after $175 mln share sale ** U.S.-listed shares of Silence Therapeutics SLN.O down 0.7% at $14.61 premarket on Weds after $175 mln follow-on priced
** British biotech late Tues announced ~12.96 mln American Depositary shares at $13.50, an 8.3% discount to last sale of $14.72
** On Mon, SLN jumped 29% to close at $15.43 after co's drug, divesiran, met main goal in mid-stage trial in treating patients with polycythemia vera, a rare blood cancer; after the bell, co commenced $150 mln share offering
** Co intends to use net offering proceeds to fund clinical development of its product candidates, other general corporate purposes, including working capital, capex, investments and collaborations, per the prospectus
** Jefferies, Morgan Stanley, Cantor and William Blair are joint bookrunners
** Co has ~47.2 mln ADSs outstanding
** Through Tues close, SLN up 142% YTD
** Avg rating of 7 analysts is "buy"; median PT $27, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))