Taysha Gene Therapies launches $200M stock offering
What's the deal? Taysha Gene Therapies has launched a $200 million public offering of common stock and pre-funded warrants.
The Dallas-based, clinical-stage biotech develops gene therapies for central nervous system diseases. It will offer all the securities itself.
JefferiesDealroom has a profile for this one. Try Dealroom →, Goldman SachsDealroom has a profile for this one. Try Dealroom →, Piper SandlerDealroom has a profile for this one. Try Dealroom →, and CantorDealroom has a profile for this one. Try Dealroom → are joint book-running managers, with BairdDealroom has a profile for this one. Try Dealroom → as lead manager. Underwriters get a 30-day option to buy up to 15% more shares.
Why now? Taysha's shares trade at $6.94, near a 52-week high of $7.30, after a 189% gain over the trailing twelve months.
The timing follows strong clinical momentum. The company completed dosing in its pivotal REVEAL trial, which tested its lead therapy, TSHA-102, in 17 female patients with Rett syndrome.
Analysts have grown bullish. BMO Capital raised its price target to $14, while Citizens lifted its to $11 and BofA Securities to $10.
What could go wrong? The offering depends on market conditions, with no guarantee on its timing, size, or completion.
Taysha remains unprofitable, posting negative earnings of $0.38 per share. One analysis flags the stock as overvalued relative to its fair value.
The REVEAL trial also carries a high bar: it must hit a 33% response rate to count as a success.
The signal: Now a late-stage company, Taysha is tapping public markets at a moment of rare investor conviction, with multiple banks raising their price targets and pegging TSHA-102's probability of success as high as 66%. For a biotech on a mission to eradicate monogenic central nervous system disease, the raise buys runway to carry its lead Rett therapy through a pivotal trial and toward potential approval.
Read more: Investing.com
