Xenon Pharmaceuticals Inc XENE shares are trading higher by 7.8% to $36.38 Thursday afternoon. The company announced the pricing of its upsized $300 million public offering of 8,461,542 common shares at $32.50 per share.
What Happened?
Xenon Pharmaceuticals recently announced the pricing of an increased public offering. They're offering 8,461,542 common shares and pre-funded warrants for certain investors.
The common shares are priced at $32.50 each, while the pre-funded warrants are offered at $32.4999 each. Xenon expects gross proceeds of around $300 million from this offering before deducting expenses.
Additionally, they've granted underwriters a 30-day option to purchase up to an extra 1,384,615 common shares. The offering is set to close around December 4, pending standard closing conditions.
J.P. Morgan, Jefferies, BofA Securities, Stifel and RBC Capital Markets are serving as joint book-running managers for the offering.
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According to data from Benzinga Pro, XENE has a 52-week high of $43.75 and a 52-week low of $27.98.
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