BioCryst and Portola price follow-ons
On Sept. 12, Portola Pharmaceuticals Inc. (NASDAQ:PTLA) and BioCryst Pharmaceuticals Inc. (NASDAQ:BCRX) priced follow-ons, raising over $420 million.
Portola raised $349 million through the sale of 6.4 million shares at $55 in a bumped-up follow-on underwritten by Morgan Stanley, Citigroup, Goldman Sachs, Cowen and William Blair. The price is a 1% discount to Portola's close of $55.71 on Sept. 11 when it proposed the offering after trading hours. Last month, FDA accepted for review Portola's resubmitted BLA for AndexXa andexanet alfa to reverse the anticoagulant activity of Factor Xa inhibitors. The PDUFA date is Feb. 2, 2018. AndexXa is a modified human Factor Xa protein that acts as a decoy to target and sequester Factor Xa inhibitors. An MAA for AndexXa is under EMA review (see BioCentury, Aug. 18)...