Why Global Blood Therapeutics Sank by 14% Today

Global Blood Therapeutics (NASDAQ: GBT) shares took a big dive on Tuesday, sliding to close more than 14% lower. Investors weren't happy that the company is launching a big new round of financing.

Tuesday morning, Global Blood Therapeutics announced that it is floating a $250 million issue of convertible senior notes. The company said it intends to also grant the underwriters of the issue an option to collectively purchase up to an additional $37.5 million in aggregate principal amount of these securities.

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Source Fool.com