Here's Why BELLUS Health Shares Are Diving Lower Today

BELLUS Health Inc BLU shares are trading lower by 10.80% to $9.00 Thursday morning after the company priced an offering of 16,540,541 shares at a price of $9.25 per share.

BELLUS Health says the company intends to use the net proceeds of the offering primarily to fund BLU-5937 research and development activities, working capital needs and other general corporate purposes.

Closing of the offering is expected to occur on July 18, 2022, subject to the satisfaction of customary closing conditions.

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BELLUS Health is a clinical-stage biopharmaceutical development company.

According to data from Benzinga Pro, BELLUS Health has a 52-week high of $11.10 and a 52-week low of $2.60.