Cerevel Therapeutics Tanks 17% After Announcing Private Offering Of Convertible Senior Notes

Shares of biotechnology company Cerevel Therapeutics Holdings, Inc. (CERE) are down 17 percent on Thursday's trading after it announced the commencement of a private offering of $250 million aggregate principal amount of convertible senior notes due 2027 pursuant to Rule 144A under the Securities Act of 1933.

In connection with this offering, expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $37.5 million aggregate principal amount of the notes.

Currently at $34.06, the stock has traded between $19.86 and $46.16 during the past 52 weeks.

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