Puma raises $120 million in follow-on
Puma Biotechnology Inc. (NYSE:PBYI) raised $120 million through the sale of 979,592 shares at $122.50 in a follow-on underwritten by BofA Merrill Lynch; Citigroup; Leerink Partners; Cowen; and UBS Securities. Puma proposed to raise up to $115 million in the offering on Jan. 29, when its share price was $125.19.
Puma's share price has nearly tripled since the company said neratinib (PB272) "graduated" from the open-label I-SPY 2 trial based on having a high probability of success in patients with HER2-positive/hormone receptor-negative breast cancer in a Phase III trial. The company has said it will participate in the upcoming I-SPY 3 registrational study, which is expected to start this year. Puma has exclusive, worldwide rights to develop and commercialize neratinib, an oral inhibitor of HER1, HER2 and HER4 kinases, from Pfizer Inc. (NYSE:PFE) (see BioCentury, Feb. 3). ...