CAMBRIDGE, Mass.--(BUSINESS WIRE)--
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 4,000,000
shares of common stock at a price to the public of $14.50 per share. In
addition, Akebia has granted the underwriters a 30-day option to
purchase up to an additional 600,000 shares of common stock in
connection with the offering. All shares are being sold by Akebia. Gross
proceeds to Akebia from the offering are expected to be $58 million,
before deducting underwriting discounts and commissions and estimated
offering expenses payable by Akebia. The offering is expected to close
on July 5, 2017, subject to the satisfaction of customary closing
Morgan Stanley is acting as sole book-running manager for the offering.
JMP Securities is acting as lead manager. Needham & Company, Raymond
James, BTIG and H.C. Wainwright & Co. are acting as co-managers for the
Akebia intends to use the net proceeds from the offering for the
continued clinical development of vadadustat, for additional
manufacturing capabilities, for the clinical development of AKB-5169,
for discovery, research and preclinical studies of its other product
candidates, and the remainder for working capital, business development
and other general corporate purposes.
The shares of common stock described above are being offered by Akebia
pursuant to its shelf registration statement on Form S-3 previously
filed and declared effective by the Securities and Exchange Commission
(SEC). The offering is being made only by means of a prospectus
supplement and accompanying prospectus. You may obtain these documents
for free by visiting the SEC's website at www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus relating
to the offering may also be obtained, when available, 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. Akebia's lead product candidate, vadadustat, is an oral,
investigational therapy in development for the treatment of anemia
related to chronic kidney disease in both non-dialysis and dialysis
patients. Akebia's global Phase 3 program for vadadustat, which includes
the PRO2TECT studies for non-dialysis patients with anemia secondary to
chronic kidney disease and the INNO2VATE studies for dialysis-dependent
patients, is currently ongoing.
This press release includes forward-looking statements. Such
forward-looking statements include those about Akebia's planned use of
proceeds. The words "anticipate," "appear," "believe," "estimate,"
"expect," "intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement, including those identified
under the heading "Risk Factors" in Akebia's Quarterly Report on Form
10-Q for the quarter ended March 31, 2017, and the preliminary
prospectus supplement to be filed with the SEC on June 28, 2017, as well
as other filings that Akebia may make with the Securities and Exchange
Commission in the future. Akebia does not undertake, and specifically
disclaims, any obligation to update any forward-looking statements
contained in this press release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170628006548/en/
Theresa McNeely, 617-844-6113
Communications and Investor Relations
Source: Akebia Therapeutics, Inc.
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