The Life Sciences team advised Avalo Therapeutics, Inc. (“Avalo”) on the pricing of its underwritten public offering of 22,899,500 shares of common stock, inclusive of the underwriters’ option, and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,400,000 shares of common stock. The shares of common stock are being sold at a public offering price of $17.75 per share and the pre-funded warrants are being sold at a public offering price of $17.749 per pre-funded warrant, which represents the per share public offering price of each share of common stock, less the $0.001 per share exercise price for each pre-funded warrant. The gross proceeds to Avalo from the offering are expected to be approximately $430 million, before deducting underwriting discounts and commissions and offering expenses payable by Avalo and assuming no exercise of the underwriters’ option to purchase additional shares.
Avalo Therapeutics is a clinical stage biotechnology company fully dedicated to developing IL-1β-based treatments for immune-mediated inflammatory diseases. Their lead asset, abdakibart (AVTX-009), is an anti-IL-1β monoclonal antibody (mAb). Positive topline data was recently reported for abdakibart in a Phase 2 clinical trial in hidradenitis suppurativa (HS). The company is also exploring additional opportunities to make an impact in prevalent indications that have significant remaining unmet needs.
The Goodwin team was led by Rachael Bushey, Jennifer Porter, Jesse Fishman, Swetha Gopalakrishnan, Avi Strauss, Amelia Fern Nell, Susan Lee, Krupa S. Zachariah, Dan Karelitz and Maggie Wong.
For more information on the deal, please read the press release.