Array BioPharma Inc. [S: ARRY] shares fell in the extended session Wednesday after the drug developer announced a secondary offering of its shares. Array shares fell 7.9% to $9.70 after hours. The company said it plans to offer $175 million in shares, with an additional $26.3 million to cover overallotments. Based on Wednesday’s closing price of $10.53, the offering including overallotments would represent about 19.1 million shares. Array has 171.4 million shares outstanding. J.P. Morgan Securities, Cowen & Co., and Piper Jaffray are listed among the bookrunners for the offering.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Latest posts by Market Watch (see all)
- Economic Preview: Looking for a cheap loan? Watch this inflation number to see where rates go next - September 23, 2017
- NewsWatch: This is (probably) how low Apple’s stock will go - September 23, 2017
- After the hurricanes: What to know before retiring abroad - September 23, 2017