Relay Therapeutics (RLAY) Sink 9% on $350M Stock Offering

Relay Therapeutics' (Nasdaq: RLAY) stock is trading nearly 9% lower after-hours Monday after the company announced plans to offer $350 million of shares of its common stock in an underwritten public offering, with an intention to grant the underwriters a 30-day option for purchasing additional shares of common stock (up to 15%).

The company is selling all of the stock in the offering.

There can be no assurance as to whether or when the proposed offering, where Goldman Sachs & Co. LLC, J.P. Morgan, Cowen, and Guggenheim Securities are acting as joint book-running managers, may be completed, or as to its actual size or terms.

The stock is up since announcing on October 8th positive interim clinical data for RLY-4008, a highly selective irreversible and oral small molecule inhibitor of FGFR2, in a first-in-human trial in patients with FGFR2-altered cholangiocarcinoma and multiple other solid tumors. The initial toxicity data suggest that certain dose levels administered can achieve >85% continuous inhibition of FGFR.

You May Also Be Interested In

• ADARx Pharmaceuticals files for proposed IPO
• ReconAfrica files prospectus supplement for C$19M bought-deal offering
• OPAL Fuels files S-3 to renew $199M securities registration