Morphic Therapeutic follows positive data readout for UC drug with $240M public offering
Morphic Therapeutic has used a recent positive topline data readout to raise capital in the form of an underwritten public offering of 5.3 million shares of its common stock, a little over a week after the company touted its ulcerative colitis candidate that sent the stock up about 20%.
By pricing the stock at $45 per share, the offering could raise approximately $240 million and is expected to wrap up on May 5. Morphic also granted the underwriters a 30-day option to purchase an additional 800,000 shares of common stock.
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