Public equity report: Depression data drive Intra-Cellular’s $500M raise

A data readout that raised hopes for a label expansion allowed Intra-Cellular to pad its balance sheet with a $500 million follow-on. Also this week, Biohaven and TScan priced public offerings, and Zura and Cullinan drew PIPEs.

Shares of Intra-Cellular Therapies Inc. (NASDAQ:ITCI) surged 23% on Tuesday after the biotech said Caplyta lumateperone met the primary endpoint in the first of two Phase III studies to treat major depressive disorder. A positive readout in the second Phase III trial, due late this quarter, would position the company to seek a label expansion for the therapy, which is already approved for schizophrenia and bipolar depression...