Dyne Therapeutics shares dropped 9% on Wednesday after the company priced a public offering expected to raise approximately $375 million, with the discounted price weighing heavily on the stock.
The offering was priced at $20.50 per share, according to a statement released Tuesday. That represents a discount of about 14% to Tuesday's closing price of $23.83. All shares in the offering are being issued and sold by the company.
The company upsized the transaction to 18.3 million shares of common stock. Gross proceeds are expected to total approximately $375.15 million before underwriting discounts, commissions, and other offering-related expenses. The offering is scheduled to close on or around July 23, 2026, subject to customary closing conditions.
As part of the deal, Dyne granted the underwriting syndicate a 30-day option to purchase up to an additional 2.745 million shares at the public offering price, less underwriting discounts and commissions. If exercised in full, that option would increase the total size of the financing beyond the $375 million figure.
Morgan Stanley, Jefferies, Evercore ISI, LifeSci Capital, and Raymond James are serving as joint book-running managers for the offering. Jones is acting as lead manager.
