Achilles Therapeutics Announces Pricing of Initial Public Offering

Rhea-AI Summary

Achilles Therapeutics (NASDAQ: ACHL) has announced its initial public offering (IPO), pricing 9,750,000 American Depositary Shares (ADSs) at $18.00 each, raising total gross proceeds of $175.5 million. The offering will close on April 6, 2021, and the ADSs are set to begin trading on March 31, 2021. Underwriters have a 30-day option to purchase an additional 1,462,500 ADSs. Achilles is focused on precision T cell therapies targeting cancer-specific neoantigens and is currently running two Phase I/IIa clinical trials.

Positive

• Total gross proceeds of $175.5 million from the IPO.
• Opens trading on NASDAQ under ACHL symbol, enhancing visibility.
• Focus on innovative precision T cell therapies could attract investor interest.

Negative

• Potential shareholder dilution from underwriter's 30-day option for additional ADSs.

LONDON, March 30, 2021 (GLOBE NEWSWIRE) -- Achilles Therapeutics plc (NASDAQ: ACHL), a clinical-stage biopharmaceutical company developing precision T cell therapies to treat solid tumors, today announced the pricing of its initial public offering in the United States of 9,750,000 American Depositary Shares (“ADSs”) representing 9,750,000 ordinary shares at an initial public offering price of $18.00 per ADS for total gross proceeds of $175.5 million. All ADSs sold in the offering are being offered by Achilles. The ADSs are expected to begin trading on The Nasdaq Global Select Market on March 31, 2021 under the ticker symbol “ACHL.”  In addition, Achilles has granted the underwriters a 30-day option to purchase up to an additional 1,462,500 ADSs at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on April 6, 2021, subject to customary closing conditions.

J.P. Morgan, BofA Securities and Piper Sandler are acting as joint book-running managers for the offering. Chardan, Oppenheimer & Co, and Kempen & Co are acting as co-managers.

A registration statement relating to these securities was declared effective on March 30, 2021. The securities referred to in this announcement are to be offered only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from:

• J.P. Morgan Securities LLC, Attention Equity Syndicate Desk, 383 Madison Avenue, New York, New York 10179, or via email: prospectuseq_fi@jpmchase.com;
• BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or via email: dg.prospectus_requests@bofa.com; or
• Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone: (800) 747-3924, or via email: prospectus@psc.com.
  

About Achilles Therapeutics

Achilles is a clinical-stage, biopharmaceutical company developing precision T cell therapies targeting clonal neoantigens: protein markers unique to the individual that are expressed on the surface of every cancer cell. Achilles has two ongoing Phase I/IIa trials, the CHIRON trial in patients with advanced non-small cell lung cancer (NSCLC) and the THETIS trial in patients with recurrent or metastatic melanoma. Achilles uses DNA sequencing data from each patient, together with its proprietary PELEUS™ bioinformatics platform, to identify clonal neoantigens specific to that patient, and then develop precision T cell-based product candidates specifically targeting those clonal neoantigens.

Lee M. Stern – VP, IR & External Communications
+1 (332) 373-2634
l.stern@achillestx.com

Consilium Strategic Communications
Mary-Jane Elliott, Sukaina Virji, Melissa Gardiner
+44 (0) 203 709 5000
achillestx@consilium-comms.com

FAQ

What is the initial public offering price for ACHL?

The initial public offering price for Achilles Therapeutics' ADSs is $18.00 each.

How many ADSs is Achilles Therapeutics offering in its IPO?

Achilles Therapeutics is offering 9,750,000 American Depositary Shares (ADSs) in its IPO.

When will ACHL begin trading on NASDAQ?

ACHL is expected to begin trading on NASDAQ on March 31, 2021.

What are the intended uses for the proceeds from the ACHL IPO?

The proceeds from the IPO will be used to advance the development of precision T cell therapies targeting clonal neoantigens for cancer treatment.

What is the total gross amount raised in the ACHL IPO?

The total gross amount raised in the ACHL IPO is $175.5 million.