Amylyx Upsizes Offering to $500M After Avexitide Win, Pricing at $35.50
AMLX has more than doubled off its 52-week low of $7.63 on elevated volume (3.9× avg).
Summary
Amylyx priced an upsized public offering of 14.09 million shares at $35.50, raising $500.2 million before fees. That's a 43% increase from the $350 million deal announced two days ago, reflecting strong demand after avexitide's Phase 3 success. The stock is trading near its 52-week high of $39.07, so the pricing is only a modest discount to market. Proceeds fund pre-commercial manufacturing and R&D for avexitide. Underwriters have a 30-day option for 2.11 million more shares, which could add another $75 million. The offering is expected to close on or about August 21.
At the time of this announcement, AMLX was trading at $38.45 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $7.63 to $39.07. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: BusinessWire.