Karuna to raise $400M in mar­ket a day af­ter pos­i­tive read­out of schiz­o­phre­nia drug

Karuna Ther­a­peu­tics plans to raise $400 mil­lion in a stock sale, a day af­ter re­leas­ing more pos­i­tive da­ta for one of its schiz­o­phre­nia drugs, and af­ter pulling in $862.5 mil­lion in a pub­lic of­fer­ing last Au­gust.

The com­pa­ny an­nounced the of­fer­ing yes­ter­day, plus a 30-day op­tion to pur­chase an ad­di­tion­al $60.0 mil­lion of its com­mon stock for the un­der­writ­ers. The biotech did not re­veal how many new shares it would of­fer.

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