Avidity Biosciences Announces Pricing of Upsized Public Offering of Common Stock
Avidity Biosciences (NASDAQ: RNA) has announced the pricing of its upsized public offering of 15,000,000 shares of common stock at $40.00 per share. The offering is expected to generate gross proceeds of $600.0 million before deducting underwriting discounts and commissions.
The company has granted underwriters a 30-day option to purchase up to an additional 2,250,000 shares. The proceeds will be used to advance three late-stage clinical programs, build commercial inventory, expand infrastructure, progress AOC platform research, and for working capital. The offering is expected to close around September 15, 2025.
- Substantial capital raise of $600.0 million strengthens balance sheet
- Funding secured for three late-stage clinical programs advancement
- Proceeds will support multiple potential product launches
- Upsized offering indicates strong investor interest
- Significant shareholder dilution from 15 million new shares
- Additional dilution possible if underwriters exercise 2.25M share option
Insights
Avidity Biosciences raises $600M through stock offering at $40/share to fund late-stage clinical programs and prepare for potential commercial launches.
Avidity Biosciences has priced an upsized public offering of 15 million shares at $40.00 per share, raising
This substantial capital raise strengthens Avidity's financial position as it approaches critical developmental milestones. The company develops Antibody Oligonucleotide Conjugates (AOCs™), an innovative class of RNA therapeutics that combines the precision of monoclonal antibodies with the disease-modifying capabilities of oligonucleotide therapies.
The funding allocation reveals Avidity's strategic priorities: advancing three late-stage clinical programs, building commercial inventory for multiple potential product launches, expanding commercial infrastructure, and continuing platform research. This suggests the company anticipates transitioning from clinical-stage to commercial operations in the near future.
For investors, this offering represents significant dilution but provides essential capital to potentially bridge the company through critical late-stage development without requiring additional near-term financing. The substantial size of the raise indicates strong institutional investor confidence in Avidity's clinical programs and commercial prospects. The involvement of five major financial institutions as joint bookrunning managers further validates market interest in Avidity's technology platform and clinical pipeline.
Avidity intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities, to advance the development of its three late-stage clinical programs, to build appropriate commercial inventory levels to support multiple potential launches, to expand its commercial infrastructure, to progress research and development associated with its AOC platform, and for working capital and general corporate purposes.
Leerink Partners, J.P. Morgan, TD Cowen, Cantor and Wells Fargo Securities are acting as joint bookrunning managers for the offering.
The securities described above are being offered by Avidity pursuant to a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to this offering were filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC. The offering may be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Avidity
Avidity Biosciences, Inc.'s mission is to profoundly improve people's lives by delivering a new class of RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™). Avidity is revolutionizing the field of RNA with its proprietary AOCs, which are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Utilizing its proprietary AOC platform, Avidity demonstrated the first-ever successful targeted delivery of RNA into muscle and is leading the field with clinical development programs for three rare muscle diseases: myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy (FSHD). Avidity is also advancing two wholly-owned precision cardiology development candidates addressing rare genetic cardiomyopathies. In addition, Avidity is broadening the reach of AOCs with its advancing and expanding pipeline including programs in cardiology and immunology through key partnerships. Avidity is headquartered in
Forward-Looking Statements
Avidity cautions readers that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company's current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding Avidity's expectations of the market conditions and the satisfaction of customary closing conditions related to the public offering, the expected closing of the offering and the anticipated use of proceeds therefrom. The inclusion of forward-looking statements should not be regarded as a representation by Avidity that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and uncertainties inherent in Avidity's business described in prior press releases and in filings with the SEC, including under the heading "Risk Factors" in Avidity's most recent annual report on Form 10-K and any subsequent filings with the SEC. Avidity cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Avidity undertakes no obligation to update such statements to reflect events that occur or circumstances that arise after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor Contact:
Kat Lange
(619) 837-5014
investors@aviditybio.com
Media Contact:
Kristina Coppola
(619) 837-5016
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.
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