Feb. 12 Financial Quick Takes: Trio of follow-ons; plus Teva, PentixaPharm, Inotrem
With a $148.5 million offering, Theravance Biopharma Inc. (NASDAQ:TBPH) was among at least three biotechs raising follow-ons after-market Tuesday. The company sold 5.5 million shares at $27, a 12% discount to Monday’s market close of $30.58 on Monday, when it proposed the offering after hours. Theravance slipped $3.22 (12%) to $24.67 Wednesday.
Adverum Biotechnologies Inc. (NASDAQ:ADVM) raised $130.6 million in an upsized deal through the sale of 9.5 million shares at $13.75, a 14% premium to Monday’s close of $12.05 on Monday, before it proposed raising $100 million. Adverum gained 18% Monday after reporting Phase III data for its intravitreal wet age-related macular degeneration gene therapy (see “Adverum Gains on Phase I Data”)...