Apogee Therapeutics, Inc. Announces Proposed Underwritten Public Offering

Rhea-AI Summary

Apogee Therapeutics, Inc. (APGE) initiates a public offering of $350.0 million of common stock, with an option to offer an additional $52.5 million. The offering is led by Jefferies, BofA Securities, Goldman Sachs, TD Cowen, and Stifel. The company aims to develop biologics for various medical conditions.

Insights

Financial Analyst

Apogee Therapeutics' decision to commence an underwritten public offering of approximately $350 million, with an additional option for underwriters to purchase up to $52.5 million, represents a significant capital-raising activity. This move typically aims to secure funding for ongoing research and development, commercialization efforts, or potential strategic initiatives. The involvement of prominent financial institutions as joint book-running managers indicates a level of confidence in the offering's success.

Investors should consider the dilutive effect of such an offering on current shareholders, as the introduction of additional shares can reduce earnings per share and potentially impact the stock price. However, the influx of capital may also enable the company to accelerate its pipeline development, which could lead to future growth. The market's response to this announcement will be a key indicator of investor sentiment towards Apogee's growth prospects and the perceived value of its biologics pipeline.

Legal Expert

The offering is contingent upon market conditions and the effectiveness of a registration statement filed with the SEC. The legal process requires that the registration statement becomes effective before any securities are sold. This ensures compliance with securities laws and provides investors with essential information about the offering. The legal framework aims to maintain market integrity and protect investors from potential risks associated with unregistered securities.

Prospective buyers must wait for the prospectus to understand the risks, terms and conditions of the offering. The preliminary prospectus, once available, will be a critical document for evaluating the investment opportunity. It is important for investors to review this document thoroughly to make informed decisions.

Market Research Analyst

The therapeutic areas targeted by Apogee, including atopic dermatitis, chronic obstructive pulmonary disease and asthma, represent markets with substantial patient populations and unmet medical needs. Successful development and commercialization in these areas can lead to significant revenue streams. The capital raised through this offering could enable Apogee to advance its clinical trials, scale up manufacturing and potentially bring products to market more quickly.

It is crucial to analyze the competitive landscape within these therapeutic areas, as well as Apogee's position relative to other players. The potential impact of Apogee's biologics on the standard of care will also be a determining factor in the company's ability to capture market share. Understanding these dynamics will provide insight into the potential return on investment for stakeholders.

SAN FRANCISCO and WALTHAM, Mass., March 05, 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 that it has commenced an underwritten public offering of approximately $350.0 million of shares of its common stock. In addition, Apogee expects to grant the underwriters a 30-day option to purchase up to an additional $52.5 million of shares of common stock at the public offering price, less underwriting discounts and commissions. The proposed public offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. All of the securities are being offered by Apogee.

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

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This offering will be made only by means of a written prospectus. A copy of the preliminary prospectus relating to the offering may be obtained, when available, 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 at: (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

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.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, Apogee’s expectations regarding the proposed offering, including the timing, size, structure and completion of the proposed offering on the anticipated terms. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Apogee believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to the company on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Apogee’s filings with SEC, many of which are beyond the Company’s control and subject to change). Actual results could be materially different. Risks and uncertainties include: global macroeconomic conditions and related volatility, expectations regarding the initiation, progress, and expected results of the Company’s preclinical studies, clinical trials and research and development programs; expectations regarding the timing, completion and outcome of the Company’s clinical trials; the unpredictable relationship between preclinical study results and clinical study results; the timing or likelihood of regulatory filings and approvals; liquidity and capital resources; and other risks and uncertainties identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 5, 2024, and subsequent disclosure documents we may file with the SEC. Apogee claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Apogee expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Noel Kurdi
VP, Investor Relations
Apogee Therapeutics
Noel.kurdi@apogeetherapeutics.com

Media Contact:
Dan Budwick
1AB Media
dan@1abmedia.com

FAQ

What is the ticker symbol of Apogee Therapeutics, Inc.?

The ticker symbol of Apogee Therapeutics, Inc. is APGE.

How much money is Apogee Therapeutics, Inc. planning to raise in the public offering?

Apogee Therapeutics, Inc. is planning to raise approximately $350.0 million in the public offering.

Which companies are acting as joint book-running managers for the proposed offering?

Jefferies, BofA Securities, Goldman Sachs, TD Cowen, and Stifel are acting as joint book-running managers for the proposed offering.

What medical conditions is Apogee Therapeutics, Inc. focusing on with its biologics development?

Apogee Therapeutics, Inc. is focusing on developing biologics for atopic dermatitis, chronic obstructive pulmonary disease, asthma, and other inflammatory and immunology indications.

Where can a copy of the preliminary prospectus relating to the offering be obtained?

A copy of the preliminary prospectus relating to the offering may be obtained from Jefferies LLC, BofA Securities, Goldman Sachs & Co. LLC, Cowen and Company, LLC, or Stifel, Nicolaus & Company, Incorporated.