59.2 F
Laguna Hills
Saturday, May 25, 2024
-Advertisement-

Tarsus Shares Fall on $100M Offering

Stock still up almost 2X since April

Shares of Irvine-based Tarus Pharmaceuticals Inc., maker of a medication to treat mite in eyes, fell 12% to $19.26 after it announced it would issue new stock to raise $100 million.

The offering comes after the company on July 25 said it won FDA approval for Xdemvy, the market’s only approved treatment to directly target Demodex mites, the root cause of Demodex blepharitis.

Tarsus’ shares had doubled since April in anticipation of approval of this new drug. The company now has a $516 million market cap.

Goldman Sachs & Co. LLC, BofA Securities, Guggenheim Securities, LLC and Oppenheimer & Co. are acting as joint book-running managers for the offering.

 

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-