Published on 28 Oct 2022 on Benzinga via Yahoo Finance
PTC Therapeutics Gets $1B Funding From Blackstone, Shares Fall
PTC Therapeutics Inc (NASDAQ: PTCT) entered into a strategic financing collaboration with Blackstone Inc (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.
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