Avidity Biosciences plans $500 million stock offering

Avidity Biosciences Inc. (NASDAQ: RNA) announced plans for an underwritten public offering of $500 million in common stock shares. The biopharmaceutical company also intends to grant underwriters a 30-day option to purchase an additional $75 million in shares.

The San Diego-based company stated the offering remains subject to market and other conditions, with no assurance regarding completion, timing, or final terms.

Avidity plans to use net proceeds from the offering, combined with existing cash and securities, to advance development of three late-stage clinical programs and build commercial inventory for potential product launches. The funds will also support expansion of commercial infrastructure, research and development of its Antibody Oligonucleotide Conjugates platform, and general corporate purposes.

The offering is being managed by joint bookrunning managers Leerink Partners, J.P. Morgan, TD Cowen, Cantor, and Wells Fargo Securities.

The securities are being offered under a shelf registration statement that became effective upon filing with the Securities and Exchange Commission. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.

Avidity develops RNA therapeutics called Antibody Oligonucleotide Conjugates, designed to combine antibody specificity with oligonucleotide precision. The company has clinical programs targeting three rare muscle diseases: myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral muscular dystrophy. It also has two precision cardiology development candidates for rare genetic cardiomyopathies.

You May Also Be Interested In

• Singularity Future Technology prices $5M direct offering at $3.20 per share
• Niagen Bioscience's Tru Niagen now sold at GNC and Sam's Club
• QTREX Quantum prices $10 million registered direct offering