Phathom Pharma down ~10% on common stock offering

• Phathom Pharmaceuticals is down 10% following a public offering of 11.125M common shares.
• The company priced the shares at $11.75 each.
• The biopharma expects gross proceeds of $130.7M.
• Phathom (NASDAQ:PHAT) said it would use the proceeds for clinical development of vonoprazan, pre-commercial activities and commercialization expenses, working capital and general corporate purposes.
• Underwriters have been offered a 30-day option to purchase up to an additional 1,668,750 shares.
• Jefferies and Evercore ISI are acting as joint bookrunners.

More on Phathom

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• Phathom resubmits vonoprazan application for esophagitis to FDA, announces stock offering

• Phathom gains as Evercore ISI upgrades on potential vonoprazan approval