Bookrunners UBS Investment Bank and Morgan Stanley assisting with sale
By Devika Patel
Knoxville, Tenn., April 17 – Akebia Therapeutics, Inc. said it priced a $60 million public sale of stock with a $9 million greenshoe. The deal was announced Tuesday.
The company will sell 7,272,727 common shares at $8.25 per share. The price per share is a 4.84% discount to the April 16 closing share price of $8.67.
UBS Investment Bank and Morgan Stanley are the bookrunning managers.
Settlement is expected April 22.
Proceeds will be used for clinical development and trials, specifically to advance the company’s oncology products AKB-6548 and AKB-6899, working capital and other general corporate purposes.
The biopharmaceutical company is based in Cambridge, Mass.
| Issuer: | Akebia Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $60 million
|
| Greenshoe: | $9 million
|
| Shares: | 7,272,727
|
| Price: | $8.25
|
| Warrants: | No
|
| Bookrunners: | UBS Investment Bank and Morgan Stanley
|
| Lead manager: | JMP Securities
|
| Co-managers: | Needham & Co. and Brean Capital
|
| Announcement date: | April 14
|
| Pricing date: | April 17
|
| Settlement date: | April 22
|
| Stock symbol: | Nasdaq: AKBA
|
| Stock price: | $8.67 at close April 16
|
| Market capitalization: | $149.86 million
|
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