Cerev­el takes the pub­lic of­fer­ing route, with a twist — rais­ing big mon­ey thanks to ri­val da­ta

As pub­lic biotechs seek to climb out of the bear mar­ket, a pop­u­lar strat­e­gy to raise cash has been through pub­lic of­fer­ings on the heels of pos­i­tive da­ta. But one pro­posed raise Wednes­day ap­peared to take ad­van­tage not of a com­pa­ny’s own da­ta, but those from a com­peti­tor.

Cerev­el Ther­a­peu­tics plans to raise $250 mil­lion in a pub­lic of­fer­ing and an­oth­er $250 mil­lion in debt, the biotech an­nounced Wednes­day af­ter­noon, even though it did not re­port any news on its pipeline. How­ev­er, the move comes days af­ter ri­val Karuna Ther­a­peu­tics tout­ed pos­i­tive Phase III da­ta in schiz­o­phre­nia, a field where Cerev­el is pur­su­ing a sim­i­lar pro­gram.

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