89bio Prices Offering Of 15.135 Mln Shares At $9.25/shr; Stock Down In Pre-market

(RTTNews) - 89bio, Inc. (ETNB), a biopharmaceutical firm, said on Thursday that it has priced previously announced upsized public offering of 15.135 million shares at $9.25 per share and, in lieu of shares, pre-funded warrants to purchase up to 1.081 million shares at $9.249 per share.

ETNB was trading down by 5.84 percent at $9.36 per share in the pre-market trading on the Nasdaq.

The pre-funded warrants have an exercise price of $0.001 per share and are exercisable immediately.

The company has granted the underwriters an option for a period of 30 days to purchase up to an additional 2.432 million shares.

The gross proceeds of the offering, to be closed on or about December 11, are expected to be around $150 million.

BofA Securities and Leerink Partners are acting as lead book-running managers for the offering, and Cantor, Raymond James and UBS Investment Bank are also acting as book-running managers.

H.C. Wainwright & Co. is acting as lead manager for the offering.