Karuna looks to build on pos­i­tive schiz­o­phre­nia da­ta with one of the biggest pub­lic rais­es this year

Rid­ing high on pos­i­tive schiz­o­phre­nia da­ta it be­lieves has the po­ten­tial to re­shape the en­tire field, Karuna Ther­a­peu­tics put out word late Mon­day that it’s shoot­ing for some new cash. And ex­ecs are swing­ing for the fences.

The biotech an­nounced plans Mon­day af­ter­noon to raise $600 mil­lion in a pub­lic of­fer­ing, with a pos­si­bil­i­ty of the to­tal ris­ing to $690 mil­lion if all op­tions are ex­er­cised. The move aims to cap­i­tal­ize on Phase III da­ta re­vealed Mon­day morn­ing show­ing Karuna’s schiz­o­phre­nia pro­gram sig­nif­i­cant­ly re­duced symp­toms com­pared to place­bo.

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