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