Silence Therapeutics dips premarket after $175 mln share sale
SLN•Offering details and analyst view
Jefferies, Morgan Stanley, Cantor and William Blair are joint bookrunners.
The company has about 47.2 million ADSs outstanding.
Through Tuesday's close, SLN was up 142% year to date.
The average rating of seven analysts is "buy"; median price target is $27, according to LSEG data.
Recent trial news and use of proceeds
On Monday, SLN jumped 29% to close at $15.43 after the company's drug, divesiran, met the main goal in a mid-stage trial in treating patients with polycythemia vera, a rare blood cancer. After the bell, the company commenced a $150 million share offering.
The company intends to use the net offering proceeds to fund clinical development of its product candidates and for other general corporate purposes, including working capital, capex, investments and collaborations, according to the prospectus.
Shares fall premarket after upsized offering priced
U.S.-listed shares of Silence Therapeutics SLN.O were down 0.7% at $14.61 premarket on Wednesday after the $175 million follow-on priced.
The British biotech late Tuesday announced about 12.96 million American Depositary shares at $13.50, an 8.3% discount to the last sale of $14.72.
