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Finance Watch: Insmed Cashes In On Positive Data With $750m Offering

Third Harmonic Provides Update On Liquidation

 
• By Mandy Jackson

Public Company Edition: Insmed raised $750m after reporting positive Phase IIb data in PAH, Cogent accessed up to $400m in new debt, Kelun-Biotech netted $250m in a placement of shares and ADC revealed a $100m private placement. In strategic updates, Recursion cut 20% of its jobs.

Finance Watch Public Company
• Source: Alamy

Insmed capitalized on the company’s better-than-expected Phase IIb clinical trial readout for treprostinil palmitil inhalation powder (TPIP) in pulmonary arterial hypertension (PAH), which sent its stock price 29% higher to $90.93 on June 10, with a super-sized follow-on public offering (FOPO) one day later. The company grossed $750m from the sale of 7.81 million shares at $96 each.

The offering follows 13 months after Insmed’s last big post-data FOPO, an offering of 12.62 million shares at $51.50 that...

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