89bio (ETNB) said late Tuesday it priced an underwritten public offering of 21.7 million common shares at $8.75 per share and, in lieu of common shares to a certain investor, pre-funded warrants to purchase up to 6.9 million shares for expected gross proceeds of $250 million.
The pre-funded warrants are priced at $8.749 apiece with an exercise price of $0.001 per share.
The underwriters have been granted a 30-day option to purchase up to 4.3 million additional shares.
Closing of the offering is expected to occur on Thursday, subject to customary conditions.
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