Akebia Therapeutics Announces Pricing of Public Offering of Common Stock
March 23 2018 - 8:00AM
Business Wire
Akebia Therapeutics, Inc. (Nasdaq:AKBA), a biopharmaceutical
company focused on delivering innovative therapies to patients with
kidney disease through the biology of hypoxia-inducible factor
(HIF), today announced the pricing of an underwritten public
offering of 8,500,000 shares of common stock at a price to the
public of $10.50 per share. Gross proceeds to Akebia from the
offering are expected to be approximately $89 million, before
deducting underwriting discounts and commissions and estimated
offering expenses payable by Akebia. In addition, Akebia has
granted the underwriter a 30-day option to purchase up to an
additional 1,275,000 shares of common stock in connection with the
offering. All shares are being sold by Akebia. The offering is
expected to close on Tuesday, March 27, 2018, subject to the
satisfaction of customary closing conditions.
Morgan Stanley is acting as sole book-running manager for the
offering.
Akebia intends to use the net proceeds from the offering for the
continued clinical development and optimization of the vadadustat
program, including pre-commercial planning activities, and the
remainder for working capital, business development and other
general corporate purposes.
The shares of common stock described above are being offered by
Akebia pursuant to an automatically effective shelf registration
statement on Form S-3 (File No. 333-223585) previously filed with
the Securities and Exchange Commission (SEC). A preliminary
prospectus supplement relating to and describing the terms of the
offering was filed with the SEC on March 22, 2018. The final
prospectus supplement relating to the offering will be filed with
the SEC. When available, you may obtain copies of the final
prospectus supplement and the accompanying prospectus for free by
visiting the SEC's website at www.sec.gov or from Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in the offering, nor
shall there be any sale of these securities in any jurisdiction in
which an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical company
headquartered in Cambridge, Massachusetts, focused on
delivering innovative therapies to patients with kidney disease
through hypoxia-inducible factor biology.
Forward-Looking Statements
Certain statements contained in this press release, including
those relating to the expected proceeds from the offering, the use
of proceeds from the sale of common stock, and the expected closing
of the offering, are forward-looking statements that involve a
number of risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
risks and uncertainties associated with the consummation of the
proposed offering and general economic conditions and other risks
identified from time to time in the reports we file with the SEC,
including our Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K, and the preliminary prospectus
supplement and accompanying prospectus related to the offering on
file with the SEC, which are available at www.sec.gov. The
forward-looking statements in this press release speak only as of
the date of this document, and we undertake no obligation to update
or revise any of the statements. Our business is subject to
substantial risks and uncertainties, including those referenced
above. Investors, potential investors, and others should give
careful consideration to these risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20180323005222/en/
Akebia Therapeutics:John Garabo, 617-844-6130Director,
Corporate Communicationsjgarabo@akebia.com
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