Investing.com — Dyne Therapeutics Inc () shares dropped 16.1% on Tuesday after the company announced an underwritten public offering of $300 million in common stock.
The clinical-stage biotechnology company said it commenced the offering and intends to grant underwriters a 30-day option to purchase up to an additional $45 million of shares. All shares in the proposed offering will be sold by Dyne.
Morgan Stanley, Jefferies and Evercore ISI are acting as joint book-running managers for the offering, with LifeSci Capital and Raymond James also serving as joint book-running managers. Jones is acting as lead manager.
The company stated that the proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Dyne Therapeutics focuses on developing therapeutics for people living with genetically driven neuromuscular diseases. The company is advancing clinical programs for myotonic dystrophy type 1 and Duchenne muscular dystrophy, along with preclinical programs for facioscapulohumeral muscular dystrophy and Pompe disease.
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