Top Biotech Catapults To 5-Year High After Sanofi Takes A Stake

AnaptysBio (ANAB) stock zoomed higher Wednesday after announcing a $100 million offering that includes participation from pharma giant Sanofi (SNY). The biotech company, which is working on treatments for immunological diseases, said it plans to offer more than 2.75 million shares of its common stock at a price of $36.50 a share. This represents a 10% premium to AnaptysBio's closing price on Aug. 13. Current investor EcoR1 Capital led the offering, AnaptysBio said in a news release. Sanofi is a new investor. Notably, Sanofi's corporate arm — rather than its...