By Colin Kellaher
Shares of IDEAYA Biosciences fell more than 10% Wednesday after the precision-medicine oncology company said it was raising $125 million in a public offering.
The South San Francisco, Calif., company said it is selling nearly 5.32 million shares and prefunded warrants at $23.50 each in the offering, below Tuesday’s closing price of $27.25.
Shares of IDEAYA, which had about 57.4 million shares outstanding as of June 30, were recently down 12% to $24.01 in premarket trading.
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