Stock Alert: Twist Bioscience Rises 4% After Pricing Stock Offering

(RTTNews) - Shares of Twist Bioscience Corp. (TWST) are rising more than 4 percent or $4.73 in Thursday's morning trade at $119.80 after pricing a public offering of its common shares.

Wednesday, Twist Bioscience said it has priced an underwritten public offering of 2.80 million shares of its common stock at a price to the public of $110.00 per share. This consists of 2.73 million shares to be sold by Twist and 75,000 shares to be sold by certain selling stockholders. Twist expects gross proceeds to the company to be about $300 million.

Twist intends to use the net proceeds, along with its existing cash, cash equivalents and short-term investments to increase its operational capacity and to scale an additional manufacturing location, increase its investment in automation, research and development, and its IT infrastructure, among other purposes.

Twist may also use a portion of the net proceeds to in-license, acquire or invest in complementary businesses or products.

The stock has traded in a range of $18.52 to $121.40 in the past 52 weeks.