BUZZ-89bio slips after $125 mln stock deal

reuters11-13 20:56

BUZZ-89bio slips after $125 mln stock deal

** Shares of 89Bio ETNB.O down 3.9% at $8.70 premarket after overnight follow-on priced

** Liver disease specialist late Tues sold ~14.7 mln shares, including 3.25 mln pre-funded warrants, at $8.50 for $125 mln gross proceeds

** Offering size boosted from $100 mln, priced at 6.1% discount to last sale

** Co to use net proceeds to fund development of lead candidate, pegozafermin, to treat metabolic dysfunction-associated steatohepatitis (MASH), fatty liver disease formerly known as NASH

** Goldman Sachs, Leerink and Evercore jt bookrunners for offering

** Co has ~106.13 mln shares outstanding for $960 mln market value

** Through Tues, stock off 19% YTD and well below one-year high of $16.63 hit in early Mar

** Co slated to present Phase IIb trial data for pegozafermin at the 75th annual "Liver Meeting" healthcare conf held in San Diego from Nov 15-19

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper.tr.com@reuters.net lance.tupper@tr.com 1-646-279-6380))

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