** 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;))
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