Bubble Wrap maker Sealed Air surges on report of buyout talks
Investing.com -- Benitec Biopharma Inc. (NASDAQ:BNTC) stock tumbled 14.1% in Thursday’s premarket trading after the clinical-stage gene therapy company announced the pricing of two equity offerings expected to raise approximately $100 million.
The offerings consist of an underwritten public offering of 5,930,000 common shares and a concurrent registered direct offering of 1,481,481 shares to long-term investor Suvretta Capital. Both offerings are priced at $13.50 per share, representing a significant discount to the stock’s previous closing price, which likely contributed to the share decline.
Benitec has also granted underwriters a 30-day option to purchase up to an additional 889,500 shares under the same terms. The transactions are expected to close on November 7, 2025, subject to customary closing conditions.
The company plans to use the proceeds to support ongoing development of its product candidate programs, working capital, and other general corporate purposes. Benitec specializes in developing genetic medicines based on its proprietary DNA-directed RNA interference "Silence and Replace" platform.
Leerink Partners, TD Cowen, and Evercore ISI are serving as bookrunning managers for the underwritten public offering and as placement agents for the concurrent registered direct offering.
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