Athenex, Inc. Announces Pricing of $110 Million Public Offering of Common Stock
September 10 2020 - 7:00AM
Athenex, Inc. (Nasdaq: ATNX), a global biopharmaceutical company
dedicated to the discovery, development and commercialization of
novel therapies for the treatment of cancer, today announced the
pricing of a public offering of 10,000,000 shares of its common
stock at a public offering price of $11.00 per share. The gross
proceeds to Athenex from the offering, before underwriting
discounts and commissions and estimated offering expenses, are
expected to be $110 million. In addition, Athenex has granted the
underwriters a 30-day option to purchase up to an additional
1,500,000 shares of common stock at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on September 14, 2020, subject to customary closing
conditions.
Athenex intends to use the net proceeds from the proposed
offering to continue to expand and strengthen its commercial
infrastructure, execute label expansion strategies for Oral
Paclitaxel, advance the development of its product candidates,
invest in its CMC development for its product candidates and
manufacturing infrastructure, and fund working capital and other
general corporate purposes.
SVB Leerink, RBC Capital Markets and Evercore ISI are acting as
joint book-running managers and Oppenheimer & Co. is acting as
lead manager for the offering.
The securities described above are being offered by Athenex
pursuant to a shelf registration statement on Form S-3 (File No.
333-227492) that was filed with the Securities and Exchange
Commission (the “SEC”) on September 24, 2018 and became effective
upon filing. The offering will be made only by means of a written
prospectus and a prospectus supplement that form a part of the
registration statement. A preliminary prospectus supplement
relating to and describing the terms of the offering was filed with
the SEC and is available on the SEC’s website at www.sec.gov. A
final prospectus supplement and the accompanying prospectus
relating to this offering will be filed with the SEC and will be
available at www.sec.gov. When available, copies of the final
prospectus supplement and accompanying prospectus may also be
obtained from: SVB Leerink LLC, Attention: Syndicate Department,
One Federal Street, 37th Floor, Boston, MA 02110, by telephone at
1-800-808-7525, ext. 6218, or by email at syndicate@svbleerink.com;
RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey
Street, 8th Floor, New York, NY 10281, by telephone at (877)
822-4089, or by email at equityprospectus@rbccm.com; and Evercore
Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd
Street, 36th Floor, New York, New York 10055, or by telephone at
(888) 474-0200, or by email at ecm.prospectus@evercore.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
by any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or jurisdiction.
About Athenex, Inc. Founded in 2003, Athenex,
Inc. is a global clinical stage biopharmaceutical company dedicated
to becoming a leader in the discovery, development and
commercialization of next generation drugs for the treatment of
cancer. Athenex is organized around three platforms, including an
Oncology Innovation Platform, a Commercial Platform and a Global
Supply Chain Platform. The Company’s current clinical pipeline is
derived from four different platform technologies: (1) Orascovery,
based on P-glycoprotein inhibitor, (2) Src kinase inhibition, (3)
T-cell receptor-engineered T-cells (TCR-T), and (4) Arginine
deprivation therapy. Athenex’s employees worldwide are dedicated to
improving the lives of cancer patients by creating more active and
tolerable treatments. Athenex has offices in Buffalo and Clarence,
New York; Cranford, New Jersey; Houston, Texas; Chicago, Illinois;
Hong Kong; Taipei, Taiwan; multiple locations in Chongqing, China;
Manchester, UK; Guatemala City, Guatemala and Buenos Aires,
Argentina.
Forward Looking StatementsExcept for historical
information, all of the statements, expectations, and assumptions
contained in this press release are forward-looking statements.
These forward-looking statements are typically identified by terms
such as “anticipate,” “believe,” “consider,” “continue,” “could,”
“estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,”
“intend,” “likely,” “may,” “plan,” “potential,” “predict,”
“preliminary,” “probable,” “project,” “promising,” “seek,”
“should,” “will,” “would,” and similar expressions. Actual results
might differ materially from those explicit or implicit in the
forward-looking statements. Important factors that could cause
actual results to differ materially include: the development stage
of our primary clinical candidates and related risks involved in
drug development, clinical trials, regulation, manufacturing and
commercialization; our ability to obtain and maintain regulatory
approvals for our product candidates; our reliance on third parties
for success in certain areas of Athenex’s business; our history of
operating losses and need to raise additional capital to continue
as a going concern; uncertainties around our ability to meet
funding conditions under our financing agreements and access to
capital thereunder; risks and uncertainties related to the COVID-19
pandemic and its potential impact on our operations, cash flow and
financial condition; our ability to integrate acquired assets and
businesses into our existing operations; competition; intellectual
property risks; risks relating to doing business internationally
and in China; the risk of production slowdowns or stoppages or
other interruptions at our Chongqing facilities; and the other risk
factors set forth from time to time in our SEC filings. All
information provided in this release is as of the date hereof and
we assume no obligation and do not intend to update these
forward-looking statements, except as required by law.
Contacts
Daniel Lang, MDCorporate Development and Corporate
CommunicationsEmail: danlang@athenex.com
Jacqueline LiCorporate Development and Investor RelationsEmail:
jacquelineli@athenex.com
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