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BUZZ-Viridian Therapeutics rises after upsized $225 mln stock offering
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BUZZ-Viridian Therapeutics rises after upsized $225 mln stock offering

** Viridian Therapeutics VRDN.O shares up 1.1% at $20.02 after co's equity haul exceeds expectations

** Co late Weds announced pricing ~10.7 mln shares at $18.75 and preferred stock convertible into ~1.3 mln shares for $225 mln gross proceeds

** Deal size increased from planned $150 mln raise

** VRDN shares on Tues popped ~32% after co's drug, veligrotug, significantly reduced thyroid eye disease (TED) symptoms in late-stage study, putting it in position to become the first rival to Amgen's AMGN.O blockbuster therapy Tepezza

** Shares on Weds rose another 5.6% to close at $19.80

** Co plans to use offering proceeds to further clinical development programs, and for other general purposes

** With ~63.9 mln shares outstanding, it has ~$1.3 bln market cap

** Through Weds, stock down ~9% YTD

** Jefferies, Goldman, Stifel and RBC are jt bookrunners for stock offering


(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
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