Biotech Clarity Pharmaceuticals was warming up fund managers to launch a $110 million equity raising on Monday morning.
Biotech Clarity Pharmaceuticals was warming up fund managers to launch a $110 million equity raising on Monday morning, making the most of a strong rally in its share price.Sources said Clarity would split the $110 million raise into a placement and a rights issue, with the former making up majority of the raise. The pricing was still being finalised, but was expected to land near the $2.60 mark, lower than Clarity’s $2.85 last close.
Bell Potter was mandated as the lead arranger, while Wilsons Advisory was on the joint lead manager lineup. Clarity had a $750 million market capitalisation before the raise, and its shares have risen 280 per cent over the past 12 months.It was floated by Bell Potter and Jefferies in August 2021 at $1.40 a share, which has doubled to $2.85. KKR-backed cancer care provider GenesisCare, subject of a restructure and US bankruptcy last year, was among Clarity’s substantial shareholders via its ventures arm.
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