Drugmaker Merus drops on $300 mln stock offering
U.S.-listed shares of Merus NV MRUS.O down 6.5% to $58.34 before the bell after follow-on priced
Dutch biotech firm early Weds announced ~5.3 mln shares at $57 for $300 mln gross proceeds
Offering priced at 8.7% discount to stock's last sale
Co plans to use net offering proceeds to advance clinical development of its product candidates, for preclinical research and technology development, and for working capital among other purposes
Through Tues close, MRUS shares surged 50% since May 22, when co said its lead candidate petosemtamab in combination with Merck's MRK.N Keytruda delayed progression of a type of head and neck cancer in a mid-stage trial
Co has ~69.2 mln shares outstanding for $4.3 bln market cap
Jefferies, BofA, Leerink, Guggenheim, Truist and LifeSci Capital are jt bookrunners for the offering
All 17 analysts covering MRUS are bullish, including 7 "strong buy" ratings, with $88.50 median PT, latest LSEG data reflects
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