Aurinia slips after taking haircut in $150.5M follow-on

Aurinia Pharmaceuticals Inc. (TSX:AUP; NASDAQ:AUPH) raised $150.5 million through the sale of 22.3 million shares at $6.75 in a follow-on underwritten by Leerink and Cantor Fitzgerald. The price is a 36% discount to the company's NASDAQ close of $10.54 on Monday, before the offering was announced.

On Tuesday, Aurinia sank C$3.44 (24%) to C$10.68 in Toronto and lost $2.64 (25%) to $7.90 on NASDAQ...