CAMBRIDGE, Mass.--(BUSINESS WIRE)--Mar. 23, 2018--
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
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.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180323005222/en/
Source: Akebia Therapeutics, Inc.
John Garabo, 617-844-6130