Sierra Oncology Raises $135M Via Equity To Fund Lead Program Development

Sierra Oncology Inc SRRA has priced its underwritten public offering of 4.07 million shares at $27 per share and the pre-funded warrants at $26.999 per pre-funded warrant.

• The Company is expected to receive gross proceeds of $135 million.
• Related: Sierra Oncology Shares Rally As Bone Marrow Cancer Candidate Hits Primary Goal.
• The offer price represents a discount of almost 6% from the last close price of $28.82 on Wednesday.
• Underwriters have an option to purchase up to an additional 750,000 shares.
• Related: Sierra Oncology Secures Debt Facility Of Up To $125M With Oxford Finance To Support Momelotinib Development.
• Sierra Oncology will use the proceeds to prepare for the potential commercialization of momelotinib, clinical development of its other product candidates, research, clinical and process development and manufacturing, working capital, and general corporate purposes. 
• Price Action: SRRA shares are up 0.94% at $28.91 during the premarket session on the last check Thursday.