March 14, 2017 / 1:04 PM / 6 months ago

BUZZ-Aurinia Pharmaceuticals: Prices stock deal at deep discount

** Aurinia Pharmaceuticals’ U.S.-listed shares falling 27 pct premarket after the Canadian drug maker raises equity at a deep discount

** AUPH among most actively traded on U.S. exchanges premarket

** Co offers 22.3 mln shares at $6.75, a 36-pct discount to stock’s Mon last sale; raises $150.5 mln

** Offering represents about 42 pct of co’s total shares outstanding

** Co raises more than planned and price is struck at top of range: Bookrunners Leerink and Cantor Fitzgerald had marketed a $100 mln deal in range of $6.25-$6.75 upon launch

** Aurinia intends to use offering proceeds for R&D, including Phase 3 clinical trial activities for its drug to treat lupus nephritis, a serious condition that involves kidney inflammation

** AUPH shares have tripled this month after co’s kidney drug succeeded in a mid-stage study

** Stock up five-fold YTD through Mon’s close

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