June 28 Quick Takes: MoonLake’s $400M follow-on among several cash raises

With its share price surging on the strength of a data readout in hidradenitis suppurativa, MoonLake Immunotherapeutics AG (NASDAQ:MLTX) raised $400 million through the sale of 8 million shares at $50 in a follow-on underwritten by SVB Securities, Guggenheim, Cantor, LifeSci Capital, BTIG and H.C. Wainwright. The price represented a 9% premium over MoonLake’s closing price of $45.95 on Monday, when it proposed the offering after market hours. MoonLake’s shares had gained 78% prior to Monday’s close, and then climbed another 13% to $51.79 on Tuesday before the pricing. The company announced over the weekend that its IL-17A/F inhibitor sonelokimab met the primary endpoint of patients achieving a HiSCR75 response vs. placebo in the Phase II MIRA study.

Also raising a follow-on Wednesday was Axsome Therapeutics Inc. (NASDAQ:AXSM), which sold 3 million shares at $75 to raise $225 million. Underwriters are SVB Securities, Guggenheim, Truist, William Blair, Cantor, Ladenburg Thalmann, Mizuho and H.C. Wainwright. Axsome proposed the offering after market hours Tuesday, when it closed at $83.37, and priced at an 11% discount. Although there was no specific catalyst for the offering, the biotech’s stock had touched a 52-week high of $91.29 on June 22...