CNCE - Concert Pharma slides on 10M common stock offering

Concert Pharmaceuticals (NASDAQ:CNCE), a clinical-stage biotech focused on autoimmune diseases, has lost ~15% in the pre-market Wednesday after the company announced an underwritten public offering of 10M shares of its common stock. A decision to grant a 30-day option for underwriters is also under consideration allowing them to purchase up to an additional 1.5M of the shares of the common stock sold in the offering at the on the same terms and conditions. Concert (CNCE) has selected Jefferies and Truist Securities as joint book-running managers for the offering. The offering is subject to market and other closing conditions, the company said, adding that there is no assurance whether or when it will be completed or regarding the terms and actual size of the offering. Positive Phase 3 topline data announced for the company’s lead candidate in hair loss disorder alopecia areata have sent Concert (CNCE) shares higher for five straight sessions through

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Concert Pharma slides on 10M common stock offering