Galecto Prices $275M Public Offering of 14.5M Shares at $19
Galecto sold 14,473,685 common shares at $19 each, including a 30-day underwriter option for up to 2,171,052 extra shares, raising about $275 million in gross proceeds. The offering is set to close around Feb. 12, bolstering cash reserves to advance its hematological cancer therapeutic pipeline but diluting existing shareholders.
1. Offering Details
Galecto is offering 14,473,685 newly issued common shares at a public offering price of $19.00 per share, generating approximately $275 million in gross proceeds before deducting underwriting discounts, commissions and expenses. The company has also granted underwriters a 30-day option to purchase up to an additional 2,171,052 shares at the same price.
2. Underwriters and Timing
Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the transaction. The offering, registered under an effective SEC shelf registration, is expected to close on or around February 12, 2026, subject to customary closing conditions.
3. Use of Proceeds and Dilution
Proceeds will bolster Galecto’s balance sheet to fund clinical and preclinical development of its hematological cancer therapeutics, including mut-CALR and dual ENL-YEATS/FLT3 inhibitors. While the infusion of capital supports pipeline advancement, the share issuance will dilute existing equity interests.