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Investing.com -- Prime Medicine Inc (NASDAQ:PRME) stock tumbled 12.5% premarket after the biotechnology company announced the pricing of a public offering of 38 million shares at $3.30 per share.
The offering, which is expected to close around August 1, 2025, aims to raise approximately $125.4 million in gross proceeds before deducting underwriting discounts, commissions, and offering expenses. Prime Medicine has also granted underwriters a 30-day option to purchase up to an additional 5.7 million shares.
The company, which focuses on developing one-time curative genetic therapies, noted that underwriters will not receive discounts or commissions on 1,818,181 shares sold to the Cystic Fibrosis Foundation as part of the offering.
TD Cowen and BMO Capital Markets are serving as joint book-running managers for the transaction. All shares in the offering will be sold by Prime Medicine, with the transaction subject to customary closing conditions.
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