Deciphera’s $400M follow-on adds firepower on strength of GIST readout
Deciphera’s offering shows investor demand is strong for companies with late-stage success stories
Outsized investor demand continues unabated for stocks of companies with late stage clinical success stories, as evidenced by Deciphera’s ability to double the size of its follow-on to $400 million with little to no haircut despite turbulent macroeconomic headwinds.
On the strength of a gastrointestinal cancer readout that led to an 80% gain in its share price Tuesday, Deciphera Pharmaceuticals Inc. (NASDAQ:DCPH) proposed after the bell to raise $200 million. Rather than absorbing the customary dip due to dilution, however, Deciphera’s shares instead rose 5% to $37.87 during Wednesday’s trading session, even amid fresh signs of a global economic slowdown and a signal from bond markets warning of recession...
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