Voyager Therapeutics Proposes Public Offering
Voyager Therapeutics, Inc. VYGR witnessed a significant decline in after-hours trading following the announcement of a proposed public offering of $100 million.
This move comes as Voyager Therapeutics initiates an underwritten public offering to raise $100 million from its common stock, with all of the securities from the offering to be sold by the company.
Voyager anticipates granting the underwriters a 30-day option to purchase up to an additional $15 million of shares of its common stock. The joint book-running managers for the offering are Citigroup and Guggenheim Securities, while Oppenheimer & Co. is the book-running manager for the offering.
Utilization of Proceeds
It’s worth noting that Voyager intends to use the proceeds, along with the considerations received from Novartis AG NVS, to advance the company’s anti-tau antibody program for the treatment of Alzheimer’s disease (AD) and its SOD1 silencing gene therapy program for the treatment of amyotrophic lateral sclerosis (ALS) into clinical development.
However, this intention has resulted in a stark 14% plunge in after-hours trading, as the move is deemed to dilute the equity for existing shareholders.
At the time of publication, shares of Voyager were down 14.2% at $9.30 in the after-hours session, as reported by Benzinga Pro.
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