Vir Biotechnology’s (VIR.O) shares down 10% premarket at $9 after $150 mln follow-on priced San Francisco, California-based firm late Weds announced ~17.6 mln shares at $8.50, a 15% discount to last sale VIR shares finished up ~5% at $10 on Weds following 28% gain on Tues after co posted Q4 rev beat and said it’s collaborating to develop its prostate cancer experimental drug with Japan’s Astellas (4503.T) After the bell Tues, co announced $200 mln stock offering It intends to use net offering proceeds to fund its portion of global clinical development costs, and potential portion of commercial launch costs for the drug, VIR-5500, under the Astellas agreement, among other purposes, per the offering prospectus
Goldman Sachs, Leerink, Evercore and Barclays joint bookrunners
Co has ~139.5 mln shares outstanding
Through Weds, stock up 66% YTD
All 10 analysts covering VIR are bullish and their median PT is $18, per LSEG data (Lance Tupper is a Reuters market analyst. The views expressed are his own)

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BUZZ-Vir Biotech drops after $150 mln stock sale