Benzinga | Feb 5, 2021 05:55AM EST

Veracyte Raises $550M In Upsized Equity Offering For Decipher Biosciences Acquisition

* Veracyte Inc (NASDAQ: VCYT) has priced an upsized underwritten public offering of around 7.4 million common shares at $74 per share, with gross proceeds of approximately $550 million. Earlier, the company announced the equity offering of $400 million.

* The offer price represents a discount of around 5% from the last close price of $77.87 on Thursday.

* Underwriters have an option to purchase up to an additional 1.1 million.

* The offering is expected to close by February 9.

* Goldman Sachs and SVB Leerink are acting as joint lead book-running managers for the offering.

* The majority of the proceeds from the offering will be used to finance Decipher Biosciences acquisition.

* Price Action: VCYT shares closed 5.5% higher at $77.87 on Thursday.