SOUTH SAN FRANCISCO - Akero Therapeutics, Inc. (NASDAQ: NASDAQ:AKRO), a clinical-stage biopharmaceutical company, announced the pricing of its public offering of 11 million shares at $29.00 each. The company, focusing on serious metabolic diseases with high unmet medical need, expects to raise $319 million before deductions. The offering, set to close around March 8, 2024, includes an option for underwriters to purchase up to an additional 1.65 million shares.
The proceeds are poised to support Akero's ongoing and future clinical trials, including their lead product candidate, efruxifermin (EFX), which is currently in Phase 3 trials for metabolic dysfunction-associated steatohepatitis (MASH), a condition with no approved therapies. The trials are part of the SYNCHRONY program, which extends from the results of two Phase 2b clinical studies.
J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI are the joint book-running managers for the offering. The shares are available pursuant to an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC).
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, and there will be no sale of these securities in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of such state or jurisdiction.
Investors can obtain the final prospectus supplement and accompanying prospectus from the SEC or directly from the underwriters when available. This planned offering and the expected closing date are subject to market conditions and the satisfaction of customary closing conditions.
The information provided here is based on a press release statement from Akero Therapeutics.
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