89bio (NASDAQ:ETNB) Announces Pricing of Public Offering and Pre-Funded Warrants

89bio, Inc. (NASDAQ:ETNB) has recently disclosed significant financial moves. On January 28, 2025, 89bio, Inc. entered into an underwriting agreement with Goldman Sachs & Co. LLC, Leerink Partners LLC, and BofA Securities, Inc. The agreement entails the issuance and sale of 21,671,428 shares of the company’s common stock at a price of $8.75 per share. Additionally, the company will offer pre-funded warrants to purchase 6,900,000 shares of common stock at a public offering price of $8.749 per share.

Furthermore, underwriters have been granted a 30-day option to purchase up to an additional 4,285,714 shares of common stock at the public offering price, deducting underwriting discounts and commissions. The net proceeds from this Offering are projected to be roughly $234.6 million after covering underwriters’ discounts, commissions, and estimated offering expenses.

The Offering is set to be finalized on January 30, 2025, as reported in the final prospectus supplement dated January 28, 2025. The securities were issued based on a shelf registration statement (File No. 333-272144), which became effective on May 23, 2023.

Additionally, 89bio, Inc. agreed in the Underwriting Agreement to indemnify underwriters against certain liabilities related to the Securities Act of 1933. Corresponding exhibits, including the Underwriting Agreement and the form of Pre-Funded Warrant, are filed and incorporated by reference. The Offering’s completion is contingent upon various regulatory approvals.

Investors are advised to refer to the full documentation of these agreements and filings for comprehensive details. For more information on this development, interested parties should refer to the official SEC filing on the matter.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read 89bio’s 8K filing here.

89bio Company Profile

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.