Avalo priced underwritten public offering of 19,730,000 common shares at $17.75 each and 1,400,000 pre-funded warrants at $17.749 each
Gross proceeds expected ~$375 million before fees, assuming no underwriter option exercise
Underwriters have 30-day option for additional 3,169,500 shares
Closing expected May 7, 2026, subject to customary conditions
Proceeds to fund abdakibart clinical development through Phase 3 topline data and general corporate purposes
Joint bookrunners:
Leerink Partners, TD Cowen, BofA Securities, Piper Sandler, Cantor
Announced May 5, 2026