Avidity Biosciences closes $690M stock offering

Avidity Biosciences, Inc. (NASDAQ: RNA) completed its public offering of 17.25 million common shares at $40.00 per share, generating gross proceeds of $690 million before fees and expenses.

The San Diego-based biopharmaceutical company sold all shares in the offering, which included 2.25 million additional shares from the underwriters' full exercise of their over-allotment option.

The company develops RNA therapeutics called Antibody Oligonucleotide Conjugates for treating rare muscle diseases and genetic cardiomyopathies. Avidity plans to use the net proceeds to advance three late-stage clinical programs, build commercial inventory for potential product launches, expand commercial infrastructure, progress research and development of its AOC platform, and for general corporate purposes.

Leerink Partners, J.P. Morgan, TD Cowen, Cantor and Wells Fargo Securities served as joint bookrunning managers for the offering. The securities were offered through a shelf registration statement filed with the Securities and Exchange Commission.

Avidity's current clinical pipeline includes programs for myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral muscular dystrophy, along with precision cardiology candidates targeting rare genetic cardiomyopathies.

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