89bio announces $250M common stock offering

89bio (ETNB) announced that it has commenced an underwritten public offering of $250M of shares of its common stock or, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase shares of its common stock. All of the securities to be sold in the offering are being offered by 89bio. 89bio intends to use the net proceeds from this proposed offering to fund ongoing clinical activities and development of pegozafermin, manufacturing related costs and other general corporate purposes, including working capital and operating expenses. Goldman Sachs & Co., Leerink Partners and BofA Securities are acting as lead book-running managers and Cantor is acting as book-running manager for the proposed offering.