Sarepta shares sink on the back of a monster $500M raise
Remember when Janet Woodcock decided to push through a controversial FDA approval for Duchenne MD drug eteplirsen in part because of her fears that the company might have been too financially weak to survive a rejection?
Any remaining concerns on that score can now be set aside.
Shares of Sarepta $SRPT were badly dinged Thursday as the biotech lined up a whopping $500 million raise. The biotech priced the offering of 3.8 million shares at $131 each, adding to the company’s reserves as Sarepta pursues a range of new development efforts for Duchenne muscular dystrophy.
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