Crinetics Pharmaceuticals Announces Proposed $400M Public Offering Of Common Stock; Proceeds To Fund R&D, Pre-Commercialization Activities, And Potential Acquisitions
Portfolio Pulse from Benzinga Newsdesk
Crinetics Pharmaceuticals has announced a proposed public offering of $400 million in common stock, with an option for underwriters to purchase an additional $60 million. The proceeds will be used for R&D, pre-commercialization activities, and potential acquisitions.
October 08, 2024 | 8:02 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Crinetics Pharmaceuticals is planning a $400 million public offering of common stock, with an additional $60 million option for underwriters. The funds will support R&D, pre-commercialization, and potential acquisitions.
The announcement of a public offering typically leads to a short-term decrease in stock price due to dilution concerns. However, the use of proceeds for R&D and acquisitions could be positive in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100