Akero Therapeutics Announces Pricing of Public Offering of Common Stock
06 March 2024 - 1:13PM
Akero Therapeutics, Inc. (Nasdaq: AKRO), a clinical-stage company
developing transformational treatments for patients with serious
metabolic disease marked by high unmet medical need, announced
today the pricing of an underwritten public offering of 11,000,000
shares of its common stock at a public offering price of $29.00 per
share. All of the shares in the offering are being offered by Akero
Therapeutics. In addition, Akero Therapeutics has granted the
underwriters a 30-day option to purchase up to an additional
1,650,000 shares of its common stock at the public offering price,
less underwriting discounts and commissions. The gross proceeds
from the offering, before deducting underwriting discounts and
commissions and offering expenses, are expected to be $319.0
million, excluding any exercise of the underwriters’ option to
purchase additional shares. The offering is expected to close on or
about March 8, 2024, subject to the satisfaction of customary
closing conditions.
J.P. Morgan, Morgan Stanley, Jefferies and Evercore ISI are
acting as joint book-running managers for the offering.
The shares of common stock are being offered by Akero
Therapeutics pursuant to an automatically effective shelf
registration statement that was previously filed with the U.S.
Securities and Exchange Commission (SEC). A preliminary prospectus
supplement and accompanying prospectus relating to and describing
the terms of the offering was filed with the SEC on March 4, 2024.
The final prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and may be
obtained, when available, from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at (866) 803-9204, or by email
at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co.
LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, NY 10014, or by email at
prospectus@morganstanley.com; Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, NY
10022, by telephone at (877) 821-7388, or by email
at prospectus_department@jefferies.com; or Evercore Group
L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street,
35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or
by email at ecm.prospectus@evercore.com; or by accessing the SEC’s
website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Akero Therapeutics
Akero Therapeutics is a clinical-stage company developing
transformational treatments for patients with serious metabolic
diseases marked by high unmet medical need, including metabolic
dysfunction-associated steatohepatitis (MASH), a disease without
any approved therapies. Akero’s lead product candidate,
efruxifermin (EFX), is currently being evaluated in two ongoing
Phase 3 clinical trials: the SYNCHRONY Histology study in patients
with pre-cirrhotic MASH (F2-F3 fibrosis) and the SYNCHRONY
Real-World study in patients with MASH or MASLD. A third clinical
trial, the SYNCHRONY Outcomes study in patients with cirrhosis due
to MASH, is expected to be initiated in the first half of 2024. The
Phase 3 SYNCHRONY program builds on the results of two Phase 2b
clinical trials, the HARMONY study in patients with pre-cirrhotic
MASH and the SYMMETRY study in patients with cirrhosis due to
MASH.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including, without limitation, statements
regarding the closing of Akero’s anticipated public offering. The
words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “target” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words.
Any forward-looking statements in this press release are based
on management’s current expectations and beliefs and are subject to
a number of risks, uncertainties and important factors that may
cause actual events or results to differ materially from those
expressed or implied by any forward-looking statements contained in
this press release, including, without limitation, uncertainties
related to market conditions and statements regarding the timing,
size and expected gross proceeds of the offering, the satisfaction
of customary closing conditions related to the offering and sale of
securities, and Akero Therapeutics’ ability to complete the
offering. These and other risks and uncertainties are described in
greater detail in the section entitled “Risk Factors” in Akero’s
most recent annual report on Form 10-K and quarterly report on Form
10-Q filed with the SEC, as well as discussions of potential risks,
uncertainties, and other important factors in Akero’s other filings
with the SEC, including those contained or incorporated by
reference in the preliminary prospectus supplement and accompanying
prospectus related to the offering to be filed with the SEC. Any
forward-looking statements contained in this press release
represent Akero’s views only as of the date hereof and should not
be relied upon as representing its views as of any subsequent date.
Akero explicitly disclaims any obligation to update any
forward-looking statements, except as required by law.
Investor Contact:Christina
Tartaglia212.362.1200IR@akerotx.com
Media Contact:Sarah
O’Connell732.456.0092soconnell@vergescientific.com
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