89bio to net $275M from stock of­fer­ing; As­sem­bly Bio to pause work on one HBV in­hibitor pro­gram

San Fran­cis­co-based biotech 89bio an­nounced on Fri­day that it ex­pects to rake in $275 mil­lion on a stock of­fer­ing. The raise comes af­ter 89bio an­nounced on Tues­day re­sults of a Phase II study show­ing that its drug was bet­ter than place­bo at less­en­ing fi­bro­sis with­out wors­en­ing non­al­co­holic steato­hep­ati­tis, or NASH.

To run a Phase III study, 89bio CEO Ro­han Palekar told End­points News that the biotech “would need to raise ad­di­tion­al cap­i­tal.” 89bio of­fered over 16 mil­lion shares of its com­mon stock at $16.25 per share, and ex­pects the of­fer­ing clos­es on March 28.

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