Autolus Announces Pricing of Underwritten Offering
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Insights
The underwritten offering of Autolus Therapeutics at $6.00 per ADS, aiming for gross proceeds of $350 million, represents a significant capital infusion for the company. This capital raise, in conjunction with the anticipated $250 million from BioNTech, underscores a robust financial strategy aimed at accelerating the clinical development of Autolus's obe-cel program. The allocation of funds towards manufacturing and commercial infrastructure indicates a forward-looking approach, preparing for potential market entry. The involvement of established financial entities as joint bookrunners and co-managers suggests confidence in the offering's success.
Investors should note the potential for dilution of existing shares due to the increase in the number of ADSs. However, the strategic use of proceeds could enhance the company's valuation if the obe-cel program progresses favorably. The closing of this offering is contingent on customary conditions, which could impact the timing and availability of the funds. The reliance on an automatic shelf registration statement for the offering reflects a streamlined process, potentially expediting the capital raise.
Autolus Therapeutics' decision to fund its obe-cel program, a key asset in its pipeline, is a strategic move within the competitive landscape of programmed T cell therapies. Obe-cel, being a next-generation therapy, could represent a significant advancement in the treatment of cancer, with implications for the biotechnology sector. The investment in manufacturing and commercial infrastructure is indicative of Autolus's commitment to bringing its therapy to market, which could disrupt current treatment paradigms.
The biotechnology sector is highly sensitive to clinical trial outcomes, regulatory approvals and product commercialization. The success of Autolus's offerings and subsequent clinical developments could influence peer companies' strategies and investor sentiment within the sector. It is essential to monitor the progress of obe-cel's clinical trials for a clearer understanding of its potential market impact and competitive positioning.
The legal framework surrounding this offering, including the use of an automatic shelf registration statement and compliance with the SEC, is crucial for ensuring the transaction's legitimacy and investor protection. The offering's exclusion from being a 'prospectus' under EU Regulation 2017/1129 indicates adherence to jurisdiction-specific securities laws, which is vital for multinational investors and the company's legal standing.
Prospective investors should be aware of the legal nuances of such offerings, including the rights associated with the ADSs and the implications of the private placement with BioNTech. The final prospectus supplement will provide essential details and investors should review it thoroughly to understand the terms and potential risks associated with the investment.
LONDON, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Autolus Therapeutics plc (Nasdaq: AUTL), a clinical-stage biopharmaceutical company developing next-generation programmed T cell therapies, today announced the pricing of an underwritten offering in the United States of 58,333,336 American Depositary Shares (“ADSs”) representing 58,333,336 ordinary shares at a public offering price of
Jefferies LLC and Truist Securities, Inc. are acting as joint bookrunners for the offering. Mizuho Securities USA LLC, Needham & Company, LLC and Van Lanschot Kempen (USA) Inc. are acting as co-managers.
The securities are being offered pursuant to an automatic shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (“SEC”). A final prospectus supplement relating to the offering will also be filed with the SEC. These documents can be accessed for free through the SEC’s website at www.sec.gov.
The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement, which, for the avoidance of doubt, will not constitute a “prospectus” for the purposes of the Regulation (EU) 2017/1129 and has not been reviewed by any competent authority in any member state in the European Economic Area.
When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained for free from the joint book-running managers for the offering, 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; or Truist Securities, Inc., Attention: Prospectus Department, 3333 Peachtree Road NE, 9th floor, Atlanta, GA 30326, email: TruistSecurities.prospectus@Truist.com, or by telephone: 1-800-685-4786.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Autolus
Autolus is a clinical-stage biopharmaceutical company developing next-generation, programmed T cell therapies for the treatment of cancer and autoimmune disease. Using a broad suite of proprietary and modular T cell programming technologies, Autolus is engineering precisely targeted, controlled and highly active T cell therapies that are designed to better recognize target cells, break down their defense mechanisms and eliminate these cells. Autolus has a pipeline of product candidates in development for the treatment of hematological malignancies, solid tumors and autoimmune diseases. For more information, please visit www.autolus.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements with regard to Autolus’ expectations regarding the completion and use of proceeds from the proposed securities offering. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed offering and the terms thereof are subject to numerous factors, many of which are beyond the control of Autolus, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in Autolus’ Annual Report on Form 20-F for the year ended December 31, 2022 and other filings Autolus makes with the SEC from time to time. Autolus undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Contacts:
Olivia Manser
+44 (0) 7780 471568
o.manser@autolus.com
Julia Wilson
+44 (0) 7818 430877
j.wilson@autolus.com
Susan A Noonan
S.A. Noonan Communications
+1-917-513-5303
susan@sanoonan.com
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