SpringWorks Therapeutics falls on pricing $275 mln stock offering

SpringWorks Therapeutics

05/12/2023 12:04

** Shares of SpringWorks Therapeutics  SWTX.O  down 7.3% at
$29.35 premarket after overnight follow-on prices
    ** Co announces ~9.5 mln shares at $29 for $275 mln gross
raise
    ** Offering size boosted from $250 mln, prices at 8.4%
discount to last sale
    ** SWTX shares had risen 52% over the past week since co
announced US FDA approved its drug, Ogsiveo, for treating adult
patients with desmoid tumors, making it the first approved
treatment for this type of non-cancerous soft-tissue growth
    ** Co has ~62.5 mln shares outstanding for $2 bln market cap
    ** Goldman Sachs, JP Morgan, TD Cowen and Guggenheim acting
as jt bookrunners for stock offering
    ** SWTX shares up ~22% YTD through Mon close

 (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))