Canopy Growth stock tumbles after announcing $200 million share sale plan
Thursday marked the Nasdaq Global Market debut of Beta Bionics, Inc. as its initial public offering (IPO) opened for trading at $22 per share. The medical device company, recognized for its advancement in diabetes care technology, priced its IPO at $17.00 per share, offering 12,000,000 shares of common stock.
Under the ticker symbol "BBNX," Beta Bionics shares commenced trading on January 30, 2025. The company anticipates gross proceeds of approximately $204.0 million from the offering, excluding underwriting discounts, commissions, and other offering expenses. Furthermore, the underwriters possess a 30-day option to buy up to an additional 1,800,000 shares at the IPO price, subject to the same deductions, with 475,000 shares potentially sold by Beta Bionics and 1,325,000 by certain selling stockholders as detailed in the prospectus.
The lead bookrunners for this significant offering include BofA Securities, Piper Sandler, and Leerink Partners, with Stifel serving as a bookrunner and Lake Street Capital Markets as the co-manager.
Beta Bionics operates as a commercial-stage medical device company, focusing on the design, development, and commercialization of innovative healthcare solutions. The company aims to enhance the lives of people with diabetes (PWD) who require insulin by using advanced adaptive closed-loop algorithms. Its flagship product, the iLet Bionic Pancreas, is the first FDA-cleared insulin delivery device that autonomously administers each insulin dose. This breakthrough technology is poised to significantly improve treatment outcomes for a wide range of PWD.
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