Why Arvinas (ARVN) Shares Are Seeing Blue Skies

Arvinas Inc ARVN shares are trading higher by 11.2% to $24.32 Monday morning after the company announced an oversubscribed $350 million private placement.

The sale involves both common stock and pre-funded warrants at specific prices, with each warrant exercisable immediately. The company plans to use the funds to support its clinical programs, preclinical pipeline and general operations.

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The placement is set to close on November 28, pending standard closing conditions and is compliant with Nasdaq regulations. The offering was co-led by EcoR1 Capital and entities managed by RTW Investments, LP and involved several new and existing investors.

BofA Securities, Inc. and Goldman Sachs & Co. LLC served as joint lead placement agents for Arvinas in this transaction.

According to data from Benzinga Pro, ARVN has a 52-week high of $42.52 and a 52-week low of $13.57.