Mineralys Stock Drops Before Open After $150 Million Sale Tests Blood-Pressure Drug Bet
Mineralys Therapeutics shares fell before the bell on Wednesday after the company priced a $150 million common-stock offering at $26.50 a share to help fund a buyout of future royalties on its main hypertension drug. The stock was quoted at $26.35 at 9:00 a.m. EDT, down 8.7% from Tuesday’s Nasdaq close of $28.85; Mineralys said it would sell 5,660,378 shares, with the offering expected to close on or about June 4. The selloff matters because Mineralys is raising equity just as investors weigh how much control it can keep over lorundrostat, its lead pill for uncontrolled or resistant high blood pressure. An aldosterone synthase inhibitor — a drug designed to lower production of aldosterone, a hormone that can push blood