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Headless Array uses stock pop to raise $52M opportunistically

This article was originally published in Scrip

Executive Summary

In what appears to have been a raid on the public financial markets to take advantage of an elevated stock price, Array BioPharma raised $52 million to advance its multiple research programmes through the sale of 20 million shares at $2.60. Although $2.60 represented a substantial 18.5% discount to its closing stock price of $3.19 on 8 February when the offering was proposed, Array's stock price had bubbled upward nearly 15% at the end of January following well-received second quarter results.

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