On January 6, 2016 Akebia Therapeutics, Inc. (NASDAQ:AKBA) reported the pricing of an underwritten public offering of 7,250,000 shares of common stock at a price to the public of $9.00 per share (Press release, Akebia , JAN 6, 2016, View Source [SID:1234508692]). In addition, Akebia has granted the underwriters a 30-day option to purchase up to an additional 1,087,500 shares of common stock in connection with the offering. All shares are being sold by Akebia. The net proceeds of the offering are expected to be approximately $61.0 million (or approximately $70.2 million if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts and commissions and other estimated offering expenses payable by Akebia. The offering is expected to close on January 12, 2016, subject to the satisfaction of customary closing conditions.
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Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for the offering. JMP Securities is acting as lead manager, and Needham & Company and Brean Capital are acting as co-managers for the offering.
Akebia intends to use the net proceeds from the offering to fund continued clinical development of vadadustat in patients with anemia secondary to chronic kidney disease (CKD), including to prepare, initiate and conduct its PRO2TECT Phase 3 program and to prepare and initiate its planned INNO2VATE Phase 3 program, to advance AKB-6899 through Phase 1 development in oncology, and the remainder for working capital 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 free writing prospectus, prospectus supplement and accompanying prospectus, which have been filed with the SEC. You may obtain these documents for free by visiting the SEC’s website at www.sec.gov. Copies of the free writing prospectus, 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 or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019.
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.