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Deciphera looking to raise $200M after clinical trial win

Deciphera Pharmaceuticals Inc. said Aug. 13 that it was looking to raise $200 million, the same day it posted strong results from a study of its cancer drug ripretinib, which resulted in an increase in the company's stock price.

The underwritten offering is going to help raise funds for the continued development of Deciphera's cancer drugs ripretinib and rebastinib. Based on the recently released results, ripretinib was found to benefit patients with advanced gastrointestinal stromal tumors.

Funds will be used for additional studies of ripretinib and continued research of rebastinib, among other things.

J.P. Morgan, Piper Jaffray and Jefferies are the joint book-running managers for the offering. The Waltham, Mass.-based biotechnology company plans to give the underwriters a 30-day option to purchase an additional $30 million in common shares.