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Veracyte Prices $180M Public Stock Offering

NEW YORK – Veracyte said after the market closed Tuesday afternoon that it has priced a public offering of 6 million shares of its common stock at $30 per share. It expects gross proceeds of around $180 million.

Veracyte will use the net proceeds from the offering for working capital and other general corporate purposes. The firm may also use part of the proceeds to acquire or invest in complementary businesses, technologies, or other assets.

Goldman Sachs and SVB Leerink are joint lead book-running managers for the offering, while William Blair is a book-running manager and BTIG, Needham, and Lake Street Capital Markets are co-managers.

Veracyte has granted underwriters a 30-day stock option to purchase up to an additional 900,000 shares of its common stock at the public offering price. The offering is expected to close around Aug. 7, 2020, the firm said.

Veracyte's stock was down about 7 percent at $30.00 in Wednesday morning trading on the Nasdaq.