** Shares of Switzerland-based drug developer Pharvaris PHVS.O fall 8.9% to $21.06

** PHVS announces offering of 8.25 million shares and pre-funded warrants to purchase 500,000 ordinary shares for gross proceeds of $175 million

** Effective price of $20 represents a 13.5% discount to stock's last close

** PHVS had initially planned on selling $150 million of shares in the stock offering

** Morgan Stanley, Leerink Partners, Cantor, Oppenheimer, and Van Lanschot Kempen were the joint book-running managers

** 10 of 11 brokerages rate the stock "buy" or higher and 1 "sell"; median PT $30 - data compiled by LSEG

** As of last close, PHVS stock up 20.6% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))