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Avalo Therapeutics Prices $375 Million Public Offering; Shares Up Pre-Bell

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Avalo Therapeutics (AVTX) priced an underwritten public offering of 19.73 million shares at $17.75 each and 1.4 million pre-funded warrants at $17.749 each, for total gross proceeds of about $375 million, the company said Tuesday.

The underwriters were granted a 30-day option to purchase up to an additional 3.17 million shares to cover overallotments, the company added.

Avalo plans to use the proceeds, alongside existing cash, to advance abdakibart through Phase 3 and for general corporate purposes.

The offering is expected to close on Thursday.

Shares of the company were up more than 42% in premarket activity Wednesday.

Price: $23.21, Change: $+6.95, Percent Change: +42.74%

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