BUZZ-89bio slips after $125 mln stock deal

Reuters11-13

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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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBUZZ-89bio slips after $125 mln stock deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 20:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241113:nL6N3MK0IN:1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BUZZ-89bio slips after $125 mln stock deal\n    **  Shares of 89Bio ETNB.O down 3.9% at $8.70 premarket after overnight follow-on priced\n  \n    **  Liver disease specialist late Tues sold ~14.7 mln ...</p>\n\n<a href=\"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241113:nL6N3MK0IN:1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1668664300.SGD","symbol_name":"Blackrock World Financials A2 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