Crescent Biopharma Prices $125M Public Offering at $14.50, a 5.3% Discount
CBIO sits 76% above its 52-week low of $8.72 on light trading volume (0.2× avg).
Summary
Crescent Biopharma priced its public offering of 8,094,793 ordinary shares plus pre-funded warrants for 525,897 shares at $14.50 per share, a 5.3% discount to the last close of $15.305. Gross proceeds are expected to be $125 million, with an additional 30-day underwriter option for nearly 1.3 million shares. The offering is set to close July 16, following the July 14 launch announcement and the July 1 $500 million shelf filing. The discount and dilution are modest relative to the $422 million market cap, but the raise signals ongoing cash needs amid a $17.6 million quarterly burn rate. The company had $171.6 million in cash at end of Q2, so this extends runway significantly. The deal is backed by a strong syndicate including Jefferies and TD Cowen.
At the time of this announcement, CBIO was trading at $15.31 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $422M. The 52-week trading range was $8.72 to $27.41. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.