MoonLake Immunotherapeutics shares fell nearly 6% on Wednesday after the company priced an upsized secondary share offering. The clinical-stage biotech is floating 9 million class A ordinary shares at $20 each, with certain investors also able to purchase pre-funded warrants for up to 1 million additional shares. Underwriters have a 30-day option to buy up to 1.5 million more shares. Gross proceeds are expected to be between $180 million and $200 million, up from a prior target of at least $150 million. The funds will support research, pre-commercialization, and commercialization of its lead drug candidate sonelokimab, which is in late-stage development for multiple autoimmune indications.
MoonLake ImmunotherapeuticsCompany priced an upsized secondary share offering, diluting existing shareholders.
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