Apellis Pharmaceuticals Announces Closing of Public Offering of Common Stock and Full Exercise of Option to Purchase Additional Shares

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced the completion of an underwritten public offering of common stock, raising $402.5 million. This includes the full exercise of underwriters' options to purchase an additional 1,117,021 shares at $47.00 each, totaling 8,563,830 shares sold. Proceeds will fund operations and capital expenses through Q1 2024, alongside existing cash and revenue from EMPAVELI® sales and milestone payments from Sobi. The offering was conducted under an effective shelf registration statement filed with the SEC.

Positive

• Raised $402.5 million from the stock offering.
• Proceeds expected to support operations into Q1 2024.

Negative

• Dilution risk for current shareholders due to additional shares issued.

WALTHAM, Mass., March 28, 2022 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc., (Nasdaq:APLS), a global biopharmaceutical company and leader in complement, today announced the closing of its previously announced underwritten public offering of common stock, including the exercise in full by the underwriters of their option to purchase an additional 1,117,021 shares at the public offering price of $47.00 per share. The exercise of the option to purchase additional shares brought the total number of shares of common stock sold by Apellis to 8,563,830 shares and increased the amount of gross proceeds, before deducting underwriting discounts and commissions and expenses payable by Apellis, to $402.5 million. Apellis expects that the proceeds from this offering, combined with its existing cash, cash equivalents and marketable securities, the cash anticipated to be generated from sales of EMPAVELI® (pegcetacoplan), and the first regulatory milestone payment and committed development reimbursement payments from Swedish Orphan Biovitrum AB (Sobi), will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2024.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Evercore Group L.L.C. acted as joint book-running managers for the offering. Raymond James & Associates, Inc. acted as lead manager and Oppenheimer & Co. Inc. and Robert W. Baird & Co. Incorporated acted as co-managers for the offering.

The shares were offered by Apellis pursuant to an automatically effective shelf registration statement that was filed with the Securities and Exchange Commission (“SEC”) on January 7, 2020. This offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and may be obtained for free by visiting the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 866-803-9204, or by email at prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, 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 Apellis

Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that is committed to leveraging courageous science, creativity, and compassion to deliver life-changing therapies. Leaders in complement, Apellis ushered in the first new class of complement medicine in 15 years with the approval of the first and only targeted C3 therapy. Apellis is advancing this science to continually develop transformative medicines for people living with rare, retinal, and neurological diseases.

Media Contact:
Lissa Pavluk
media@apellis.com
617.977.6764

Investor Contact: 
Meredith Kaya 
meredith.kaya@apellis.com
617.599.8178 

FAQ

What was the total amount raised by Apellis in the March 2022 stock offering?

Apellis raised a total of $402.5 million in its March 2022 stock offering.

How many shares were sold in Apellis' public offering?

A total of 8,563,830 shares were sold in the public offering.

What is the estimated use of proceeds from the APLS stock offering?

The proceeds will be used to fund operating expenses and capital expenditures into the first quarter of 2024.

What was the offering price per share in Apellis' public offering?

The offering price per share was $47.00.

What are the potential risks associated with the March 2022 offering for APLS shareholders?

The main risk is dilution of current shareholders due to the issuance of additional common stock.