Krys­tal Biotech rais­es $160M via PIPE on heels of FDA ap­proval for gene ther­a­py

Krys­tal Biotech has re­ceived $160 mil­lion in pri­vate fi­nanc­ing days af­ter the FDA ap­proved Vyju­vek, a gene ther­a­py for chil­dren with a rare skin dis­ease called dy­s­troph­ic epi­der­mol­y­sis bul­losa, and Krys­tal’s first-ever ap­proved treat­ment.

On Mon­day, the com­pa­ny an­nounced it is sell­ing more than 1.7 mil­lion shares at $92.50 a pop, a slight de­cline over Fri­day’s clos­ing price of $96.06 a share. Avoro Cap­i­tal Ad­vi­sors and Red­mile Group led the fi­nanc­ing, with Braid­well LP and Fra­zier Life Sci­ences al­so pitch­ing in.

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