Tony Coles, Cerevel CEO

Cerev­el's Tony Coles is still count­ing his mon­ey as a ri­val's boost helps fu­el a po­ten­tial $609M wind­fall

These days in biotech, you nev­er want to miss a chance to raise mon­ey for pub­lic com­pa­nies. As much mon­ey as pos­si­ble.

That sur­vival strat­e­gy was in full view over the last 24 hours as Cerev­el $CERE an­nounced a ma­jor stock/debt raise, then upped the ante with a big­ger debt load than ini­tial­ly planned.

The tal­ly: $238 mil­lion – net — with a shot at boost­ing that to $274 mil­lion from the stock sale, pro­vid­ed the un­der­writ­ers come back for more. And there’s $335 mil­lion from the debt, pro­vid­ed their first round buy­ers come back for an added bite. Round­ing up, that’s $609 mil­lion with the add-on. Even with­out the add-ons, though, it’s still $530 mil­lion in the bank.

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