89bio's $250M Offering: A Strategic Move for Growth
Tuesday, Jan 28, 2025 10:41 pm ET
2min read 89bio, Inc. (ETNB) has announced a $250 million public offering of common stock and pre-funded warrants, a strategic move that aligns with the company's long-term objectives and positions it for future growth. The offering, led by Goldman Sachs, Bank of America Securities, and Leerink Partners, is expected to strengthen 89bio's financial position and support its ongoing clinical activities and development programs.
The proceeds from the offering will be used to fund clinical activities, particularly for the development of pegozafermin, a lead candidate for treating metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Additionally, the funds will be used for manufacturing-related expenses and general corporate purposes, such as working capital and operating costs. This influx of capital will enable 89bio to advance its Phase 3 programs, potentially leading to Biologics License Application (BLA) and Marketing Authorization Application (MAA) filings, and ultimately transform care for patients living with MASH and SHTG.
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