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Calithera Biosciences shares dip on $50 million secondary offering

The clinical stage biotechnology company will offer 12.5 million shares at $4 per share, 15% lower than its Tuesday close
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Calithera Biosciences is a South San Francisco-based company focused on developing small-molecule treatments for cancer and other diseases

Calithera Biosciences Inc (NASDAQ:CALA) shares hit a stumbling block after the company announced the pricing of a $50 million secondary offering late Tuesday.

The clinical stage biotechnology company will offer 12.5 million shares at $4 per share, 15% lower than its Tuesday close.

Investors responded to the dilutive measure in kind, dropping the share price almost 13% to $4.13.

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The offering is expected to close on June 21. In its Tuesday statement, the company did not specify what it would do with the proceeds.

Calithera Biosciences is a South San Francisco-based company focused on developing small-molecule treatments for cancer and other diseases.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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