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Update: Zentalis Pharmaceuticals Shares Fall After Pricing $80.5 Million Offering to Fund Clinical Pipeline

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(Updates with the company's stock move in the headline and first paragraph.)

Zentalis Pharmaceuticals (ZNTL) shares were down about 16% in Friday trading, a day after the company priced an offering of 23 million shares at $3.50 each, targeting about $80.5 million in gross proceeds.

The company granted underwriters a 30-day option to purchase up to an additional 3.45 million shares.

Net proceeds, together with existing cash, cash equivalents and marketable securities, are intended to finance, among other things, clinical trials, preclinical studies, and regulatory filings.

Zentalis is selling all of the common stock in the offering, which is expected to close on Aug. 17.

Price: $3.51, Change: $-0.65, Percent Change: -15.54%

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