Arcus Biosciences Stock Drops Following $250 Million Share Offering

Investors pushed Arcus Biosciences shares down 7.2% to $17.72 in premarket trading after the Hayward-based biotech firm priced a follow-on offering of 14.3 million shares at $17.50 each. The move marks a strategic effort by the company to bolster its capital for ongoing development of specialized cancer therapies.

Today, 14:09· Money Talk· 588 reads

Arcus Biosciences Stock Drops Following $250 Million Share Offering

The company anticipates generating $250 million in gross proceeds from the transaction before accounting for underwriting commissions and related expenses. To support the deal, Arcus has granted underwriters a 30-day option to acquire an additional 2.14 million shares at the same public offering price.

A syndicate of financial institutions, including Jefferies, Leerink Partners, TD Cowen, Evercore ISI, and Mizuho, is managing the offering. The transaction is currently scheduled to finalize on October 23.

Arcus Biosciences Stock Drops Following $250 Million Share Offering

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