Halozyme Shares Fall After Secondary Share Offering Annoucned

Halozyme Therapeutics Inc. shares fell in the extended session Thursday after the cancer-drug biotech company said it was launching a secondary offering of its stock. Halozyme shares fell 8.9% to $12.90 after hours. The company said it plans to offer $100 million in shares, or about 7.1 million shares based on Thursday's closing price. Underwriters Wells Fargo Securities and Deutsche Bank Securities will get the option for another $15 million in shares to cover overallotments. Halozyme said it will use proceeds to fund cancer-drug development and general corporate purposes. Halozyme has 129.8 million shares outstanding and in 2016 reported a loss of 81 cents a share on revenue of $146.7 million.