BUZZ-Cogent Biosciences launches $400 mln equity, convertible deals after stock more than doubles
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Cogent Biosciencesis launching $400 million in equity and convertible debt offerings following a 119% surge in its stock price, closing at a 7-year high of $32.46. The capital raised will be used to repay a $50 million term loan and fund development activities for its drug, bezuclastinib. Jefferies and JP Morgan are the joint bookrunners for the convertible bonds, while multiple firms are leading the equity deal. COGT has approximately 142.4 million shares outstanding, with a market cap of about $4.6 billion.
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