Arvinas, Inc. Announces Pricing of $400 Million Public Offering of Common Stock
December 15 2020 - 8:34PM
Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biotechnology
company creating a new class of drugs based on targeted protein
degradation using its PROTAC® Discovery Engine, today announced the
pricing of an underwritten public offering of 5,714,286 shares of
its common stock at a price of $70.00 per share, before
underwriting discounts and commissions. In addition, Arvinas has
granted the underwriters an option for a period of 30 days to
purchase up to an additional 857,142 shares of common stock at the
public offering price, less the underwriting discounts and
commissions. All of the shares are being offered by Arvinas.
Goldman Sachs & Co. LLC and Piper Sandler
& Co. are acting as joint book-running managers for the
offering. Cantor Fitzgerald & Co. and BMO Capital Markets are
acting as co-managers for the offering. The offering is expected to
close on or about December 18, 2020, subject to customary closing
conditions.
An automatically effective shelf registration
statement on Form S-3 (File No. 333-251326) relating to the shares
of common stock offered in the public offering was filed with the
Securities and Exchange Commission (the “SEC”) on December 14,
2020. The offering is being made only by means of a prospectus
supplement and accompanying prospectus that form a part of the
registration statement. A final prospectus supplement related to
the offering will be filed with the SEC and will be available on
the SEC’s website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained, when available, by contacting: Goldman Sachs
& Co. LLC, Attention: Prospectus Department, 200 West Street,
New York, NY 10282, telephone: 866-471-2526, facsimile:
212-906-9316 or by emailing prospectus-ny@ny.email.gs.com; or Piper
Sandler & Co., Attention: Prospectus Department, 800 Nicollet
Mall, J12S03, Minneapolis, MN 55402, by telephone at 800-747-3924
or by email at prospectus@psc.com.
This press release does not constitute an offer
to sell, or a solicitation of an offer to buy these securities, nor
shall there be any sale of, these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Arvinas, Inc.
Arvinas is a clinical-stage biopharmaceutical
company dedicated to improving the lives of patients suffering from
debilitating and life-threatening diseases through the discovery,
development, and commercialization of therapies that degrade
disease-causing proteins. Arvinas uses its proprietary PROTAC®
Discovery Engine platform to engineer proteolysis targeting
chimeras, or PROTAC® targeted protein degraders, that are designed
to harness the body’s own natural protein disposal system to
selectively and efficiently degrade and remove disease-causing
proteins. In addition to its robust preclinical pipeline of PROTAC®
protein degraders against validated and “undruggable” targets, the
company has two clinical-stage programs: ARV-110 for the treatment
of men with metastatic castrate-resistant prostate cancer; and
ARV-471 for the treatment of patients with locally advanced or
metastatic ER+/HER2- breast cancer.
Forward-Looking Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties,
including statements regarding the proposed public offering,
including the closing of the public offering. All statements, other
than statements of historical facts, contained in this press
release, including statements regarding our strategy, future
operations, prospects, plans and objectives of management, are
forward-looking statements. The words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,”
“project,” “target,” “potential,” “will,” “would,” “could,”
“should,” “continue,” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
We may not actually achieve the plans,
intentions or expectations disclosed in our forward-looking
statements, and you should not place undue reliance on our
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements we make as a result of various risks
and uncertainties, including but not limited to satisfaction of
customary closing conditions related to the public offering,
whether we will be able to conduct, complete and receive results
from clinical trials for our product candidates on our expected
timelines, or at all, whether our cash resources will be sufficient
to fund our foreseeable and unforeseeable operating expenses and
capital expenditure requirements on our expected timeline and other
important factors discussed in the “Risk Factors” sections
contained in our quarterly and annual reports on file with the SEC.
The forward-looking statements contained in this press release
reflect our current views with respect to future events, and we
assume no obligation to update any forward-looking statements
except as required by applicable law. These forward-looking
statements should not be relied upon as representing our views as
of any date subsequent to the date of this release.
Investors:Will O’Connor, Stern Investor
Relationsir@arvinas.com
Media:Kirsten Owens, Arvinas
Communicationskirsten.owens@arvinas.com
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