Apogee Therapeutics, Inc. Announces Closing of Upsized Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $483 Million

Rhea-AI Summary

Apogee Therapeutics, Inc. (APGE) successfully closes an upsized public offering, raising approximately $483.0 million. The company sold 7,790,321 shares of common stock at $62.00 per share, with underwriters exercising their option to purchase additional shares. The offering was managed by Jefferies, BofA Securities, Goldman Sachs & Co. LLC, TD Cowen, and Stifel.

Insights

Financial Analyst

The closing of Apogee Therapeutics' upsized public offering represents a significant capital infusion, with the company raising approximately $483.0 million before expenses. This level of funding is substantial for a clinical-stage biotechnology firm, indicating strong investor confidence and a robust demand for Apogee's shares. The decision to upsize the offering and the full exercise of the underwriters' option to purchase additional shares underscore the market's positive reception.

From a financial perspective, the capital raised will likely be allocated towards advancing clinical trials, scaling up manufacturing and expanding the company's pipeline. Investors will monitor how efficiently Apogee deploys these funds to drive their research and development activities, as this will be critical for the company's future growth and eventual path to profitability.

Moreover, the involvement of prominent financial institutions as joint book-running managers could potentially stabilize the stock's performance post-offering and provide a level of credibility to the transaction.

Medical Research Analyst

Apogee Therapeutics is operating in a highly competitive and research-intensive field, targeting inflammatory and immunology indications such as atopic dermatitis, chronic obstructive pulmonary disease and asthma. The successful capital raise will enable the company to potentially expedite their biologics' development and clinical trials, which is crucial in a sector where the speed of innovation is often a key differentiator.

Investors and stakeholders within the biotechnology sector will be particularly interested in the company's next steps, as the allocation of the new funds towards their pipeline can significantly accelerate the time to market for their therapies, provided that clinical results are favorable. The impact of this funding on Apogee's operational capabilities and the strategic implications for its competitors are areas of interest.

Market Research Analyst

Apogee's upsized public offering may have broader implications for the biotech sector, especially for companies specializing in inflammatory and immunological diseases. The successful raise suggests a buoyant market for biotech investments, which could encourage similar firms to consider public offerings or follow-on financings to secure capital for their operations.

The pricing of the shares at $62.00 also reflects investor sentiment and valuation benchmarks within the biotech industry. It will be important to observe how this capital injection influences Apogee's market position relative to its peers and whether this move prompts a reevaluation of market valuations for other players in the space.

SAN FRANCISCO, Calif. and WALTHAM, Mass., March 12, 2024 (GLOBE NEWSWIRE) -- Apogee Therapeutics, Inc. (Nasdaq: APGE), a clinical-stage biotechnology company seeking to develop differentiated biologics for the treatment of atopic dermatitis, chronic obstructive pulmonary disease, asthma and other inflammatory and immunology indications (Apogee or the Company), today announced the closing of its previously announced upsized public offering of 7,790,321 shares of common stock, including the full exercise of the underwriters’ option to purchase up to 1,016,128 additional shares, at a public offering price of $62.00 per share. The aggregate gross proceeds to Apogee from the offering were approximately $483.0 million before deducting underwriting discounts and commissions and other offering expenses payable by Apogee. All of the shares were offered by Apogee.

Jefferies, BofA Securities, Goldman Sachs & Co. LLC, TD Cowen and Stifel acted as joint book-running managers for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on March 7, 2024. The offering was made only by means of a written prospectus. A copy of the final prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; BofA Securities, NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon, Charlotte, NC 28255-0001, or by email at dg.prospectus_requests@bofa.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone: (866) 471-2526, by facsimile: (212) 902-9316 or by email at Prospectus-ny@ny.email.gs.com; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by telephone at (833) 297-2926, or by email at Prospectus_ECM@cowen.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Apogee Therapeutics

Apogee Therapeutics is a clinical-stage biotechnology company seeking to develop differentiated biologics for the treatment of atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), asthma and other inflammatory and immunology indications with high unmet need. Apogee’s antibody programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating advanced antibody engineering properties to optimize half-life and other properties. The Company’s two most advanced programs are APG777 and APG808, which are being initially developed for the treatment of AD and COPD, respectively. Based on a broad pipeline and depth of expertise, the company believes it can deliver value and meaningful benefit to patients underserved by today’s standard of care.

Contacts

Investor Contact:

Noel Kurdi
VP, Investor Relations
Apogee Therapeutics, Inc.
Noel.Kurdi@apogeetherapeutics.com

Media Contact:

Dan Budwick
1AB
dan@1abmedia.com

 

FAQ

How many shares were sold in Apogee Therapeutics' public offering?

Apogee Therapeutics sold 7,790,321 shares of common stock in the public offering.

What was the public offering price per share in Apogee Therapeutics' offering?

The public offering price per share in Apogee Therapeutics' offering was $62.00.

Which companies acted as joint book-running managers for Apogee Therapeutics' offering?

Jefferies, BofA Securities, Goldman Sachs & Co. LLC, TD Cowen, and Stifel acted as joint book-running managers for Apogee Therapeutics' offering.

How much was the aggregate gross proceeds from Apogee Therapeutics' public offering?

The aggregate gross proceeds to Apogee Therapeutics from the public offering were approximately $483.0 million.

When did the registration statements for the securities related to Apogee Therapeutics' offering become effective?

The registration statements for the securities related to Apogee Therapeutics' offering became effective on March 7, 2024.