Celldex Therapeutics Raises $300 Million in Stock Offering Amidst Plunge in Shares

Celldex Therapeutics shares fell about 5% after pricing a $300 million public offering of 10.3 million shares at $29 each. The biotech firm plans to use the proceeds to support commercial readiness for barzolvolimab, a drug awaiting approval for chronic spontaneous urticaria, as well as pipeline development and general corporate purposes. The offering represents a discount to Celldex's previous closing price.