Avidity Biosciences Proposes $250M Public Offering Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
Avidity Biosciences, Inc. (NASDAQ:RNA) announced a proposed $250 million public offering of common stock, with an additional 30-day option for underwriters to purchase up to $37.5 million more. The proceeds will fund clinical programs, R&D for its AOC platform, and general corporate purposes. Leerink Partners and TD Cowen are joint bookrunning managers.
August 13, 2024 | 8:24 pm
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Avidity Biosciences announced a $250 million public offering of common stock, with an additional $37.5 million option for underwriters. The proceeds will be used for clinical programs, R&D, and general corporate purposes.
The announcement of a public offering typically leads to a short-term decrease in stock price due to dilution concerns. However, the funds raised will support the company's clinical and R&D efforts, which could be beneficial in the long term.
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