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PTC Therapeutics Gets $1B Funding From Blackstone, Shares Fall

Published 28/10/2022, 16:08
© Reuters. PTC Therapeutics Gets $1B Funding From Blackstone, Shares Fall
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  • PTC Therapeutics Inc (NASDAQ: PTCT) entered into a strategic financing collaboration with Blackstone Inc (NYSE: NYSE:BX). As part of the collaboration, Blackstone Life Sciences and Blackstone Credit will provide PTC with an initial $500 million commitment, including $350 million in low-cost, low-dilution capital.
  • "This strategic financing will support the acceleration of PTC's robust and diversified pipeline, business development opportunities, and general corporate purposes," said Emily Hill, Chief Financial Officer, PTC Therapeutics.
  • Earnings: PTC Therapeutics reported Q3 sales of $217.13 million, compared to $138.7 million a year ago, beating the consensus of $186.90 million.
  • Cash, cash equivalents, and marketable securities were $288.4 million.
  • The company reported a Q3 EPS loss of $(1.53), better than $(1.89) a year ago.
  • Guidance: PTC anticipates FY22 sales of $710-$750 million (consensus $726.44 million), compared to previous guidance of $700-$750 million.
  • PTC anticipates FY22 net product revenues for the DMD franchise of $490-$500 million, compared to previous guidance of $475-$495 million.
  • Price Action: PTCT shares are down 12.8% at $38.87 on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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