Apellis Pharmaceuticals Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Apellis Pharmaceuticals announced the pricing of its underwritten public offering of 8,750,000 shares at $40.00 per share, totaling $350 million in gross proceeds. The offering aims to enhance the company's financial position and support further development in targeted C3 therapies. A 30-day option for underwriters to purchase an additional 1,312,500 shares is also available. The offering is set to close on November 18, 2021, pending customary conditions. J.P. Morgan, Goldman Sachs, and Evercore are leading the offering, emphasizing the company's focus on innovative therapeutics.

Positive

• Gross proceeds of $350 million to strengthen financial resources.
• Opportunity for growth with the potential purchase of additional shares by underwriters.

Negative

• Shareholder dilution risk from the public offering.

WALTHAM, Mass., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc., (Nasdaq:APLS), a global biopharmaceutical company and leader in complement, today announced the pricing of its underwritten public offering of 8,750,000 shares of its common stock at a public offering price of $40.00 per share, for total gross proceeds of $350 million, before deducting underwriting discounts and commissions and expenses payable by Apellis. All of the shares in the offering are being sold by Apellis. In addition, Apellis has granted the underwriters a 30-day option to purchase up to 1,312,500 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on November 18, 2021, subject to customary closing conditions.

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

The shares are being 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 is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary 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. A final prospectus supplement relating to the offering will be filed with the SEC. When available, 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: ECM General Counsel, 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 targeted C3 therapies, we aim to develop transformative therapies for a broad range of debilitating diseases that are driven by excessive activation of the complement cascade, including those within hematology, ophthalmology, nephrology, and neurology.

Forward-Looking Statements  
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the anticipated closing date of the public offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, uncertainties inherent in the initiation of future clinical trials and other factors discussed in the “Risk Factors” section of the preliminary prospectus supplement filed with the SEC on November 15, 2021, Apellis’ Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021, and the risks described in other filings that Apellis may make with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Contact:
Lissa Pavluk
media@apellis.com
617.977.6764

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

FAQ

What is the size of the Apellis Pharmaceuticals public offering?

Apellis Pharmaceuticals is offering 8,750,000 shares at a price of $40.00 per share.

What are the expected gross proceeds from the APLS offering?

The public offering is expected to generate $350 million in gross proceeds.

When will the Apellis public offering close?

The offering is expected to close on November 18, 2021, subject to customary closing conditions.

Who are the underwriters for the APLS offering?

The offering is led by J.P. Morgan, Goldman Sachs, and Evercore Group.

What are the risks associated with the public offering for APLS shareholders?

There is a risk of shareholder dilution due to the public offering of additional shares.