AveXis Announces Pricing of Public Offering of Common Stock
September 08 2016 - 7:25AM
AveXis, Inc. (NASDAQ:AVXS) today announced the pricing of an
underwritten public offering of 4,250,000 shares of its common
stock, 3,960,145 shares of which are being offered by AveXis and
289,855 shares of which are being offered by PBM Capital
Investments, LLC, an existing stockholder of AveXis, each at a
price to the public of $34.50 per share before underwriting
discounts and commissions. The net proceeds to AveXis from the
offering, after deducting the underwriting discounts and
commissions and other offering expenses payable by AveXis, are
expected to be approximately $127.7 million. AveXis will not
receive proceeds from the sale of the common stock by the selling
stockholder. The offering is expected to close on or about
September 13, 2016, subject to customary closing conditions. In
addition, AveXis has granted the underwriters a 30-day option to
purchase up to an additional 637,500 shares of common stock at the
public offering price, less the underwriting discounts and
commissions.
AveXis intends to use its existing cash and cash equivalents and
the net proceeds of the offering to fund the ongoing Phase 1
clinical trial and future SMA trials for AVXS-101, manufacturing
activities to support ongoing and future trials for AVXS-101,
including the establishment of its own manufacturing facility, and
for general corporate purposes and working capital.
Goldman, Sachs & Co. and Jefferies LLC are acting as joint
book-running managers. BMO Capital Markets is acting as lead
manager and Chardan is acting as co-manager of the offering.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
September 7, 2016. The offering is being made only by means of a
written prospectus forming part of the effective registration
statement. A copy of the final prospectus, when available, may be
obtained for free by visiting EDGAR on the SEC’s website at
www.sec.gov. Alternatively, copies of the preliminary
prospectus and the final prospectus, when available, may be
obtained for free from the offices of Goldman, Sachs & Co.,
Attention: Prospectus Department, 200 West Street, New York, NY
10282; by telephone at 1-866-471-2526; or by email at
prospectus-ny@ny.email.gs.com or Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022; by phone at 1-877-821-7388; or by email at
Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 such state or
jurisdiction.
About AveXis, Inc.AveXis is a clinical-stage
gene therapy company developing treatments for patients suffering
from rare and life-threatening neurological genetic diseases. The
company’s initial proprietary gene therapy candidate, AVXS-101, is
in an ongoing Phase 1 clinical trial for the treatment of SMA Type
1.
Media Inquiries:
Lauren Barbiero
W2O Group
646-564-2156
lbarbiero@w2ogroup.com
Investor Inquiries:
Jim Goff
AveXis, Inc.
650-862-4134
jgoff@avexis.com
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