Apogee Therapeutics prices $300 million public offering

SAN FRANCISCO/BOSTON - Clinical-stage biotechnology company Apogee Therapeutics, Inc. (NASDAQ:APGE), currently trading at $47.24 and showing a remarkable 19.26% gain over the past week according to InvestingPro data, announced Wednesday it has priced its underwritten public offering of 6,951,221 common shares at $41.00 per share.

The offering also includes pre-funded warrants to purchase up to 365,853 shares at $40.99999 per warrant for certain investors. These warrants have an exercise price of $0.00001 per share and are immediately exercisable.

The company expects to raise approximately $300 million in gross proceeds before deducting underwriting discounts, commissions and other offering expenses. The offering is scheduled to close on October 10, subject to customary closing conditions.

Apogee has granted the underwriters a 30-day option to purchase up to an additional 1,097,561 shares at the public offering price, less underwriting discounts and commissions.

Jefferies, BofA Securities, Guggenheim Securities and TD Cowen are serving as joint book-running managers for the offering, with BTIG acting as passive bookrunner.

Apogee Therapeutics focuses on developing biologics for inflammatory and immunology conditions. Its lead program, APG777, is being developed for atopic dermatitis treatment. The company’s pipeline includes antibody programs targeting four validated targets, according to the press release statement. While currently unprofitable, analyst price targets range from $60 to $116, reflecting optimistic expectations for the company’s development programs. InvestingPro subscribers can access 13 additional key insights about APGE’s financial health and market position.

The offering is being made pursuant to an automatically effective shelf registration statement filed with the Securities and Exchange Commission on August 12, 2024.

In other recent news, Apogee Therapeutics has announced the launch of an underwritten public offering of common stock shares and pre-funded warrants. The company plans to offer additional shares to underwriters, with a 30-day option to purchase up to 15% more at the public offering price, minus discounts and commissions. RBC Capital has initiated coverage of Apogee Therapeutics with an Outperform rating, setting a price target of $60.00, citing promising data from early clinical trials. Goldman Sachs has reiterated its Early-Stage Biotech rating for the company, following updates to its catalyst timeline for respiratory treatments. Meanwhile, Stifel has maintained its Buy rating with a $95.00 price target after positive Phase 2a data for Apogee’s atopic dermatitis treatment, APG777. The data suggests a comparable efficacy and safety profile to existing treatments, according to dermatology experts. These developments come as Apogee Therapeutics continues to focus on advancing its portfolio of biologics.

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