AbCellera slips after launching $200 mln stock offering to fund menopause drug
ABCL•Recent share gains and offering details
-
ABCL shares on Monday surged 35% after the company said its menopause treatment, ABCL635, reduced hot flashes in a mid-stage trial.
-
Shares closed up 4.5% at $9.76 on Tuesday and have nearly tripled year to date.
-
Jefferies, J.P. Morgan, Cantor, UBS and BMO are joint bookrunners for the proposed offering.
-
The company has about 306.6 mln shares outstanding for a roughly $3 bln market cap.
AbCellera launches $200 mln equity offering
-
Shares of AbCellera Biologics ABCL.O were down 3.5% post-market to $9.42 as it seeks an equity raise.
-
The Canadian biotech kicked off a $200 mln offering comprising stock and pre-funded warrants.
-
It intends to use net proceeds to fund R&D and clinical advancement of its internal pipeline, including its lead clinical program, , among other purposes.
