Arcus Biosciences Prices 13.6 Mln Offering At $11.00/shr, Stock Slide In Pre-market

(RTTNews) - Arcus Biosciences, Inc. (RCUS), a clinical-stage, global biopharmaceutical company, Tuesday announced an underwritten offering of 13,636,364 common shares at $11.00 per share, aiming to raise about $150 million before expenses.

Shares of Arcus Bioscience are dropping by 5% in the pre-market trading.

All shares are being offered by the company, and the offering is expected to close around February 19.

Arcus plans to use the funds from the offering for research and development, including the clinical development of casdatifan, manufacturing costs, and general corporate needs like working capital and operating expenses.

In the pre-market trading, Arcus Biosciences is 4.05% lesser at $12.57 on the New York Stock Exchange.