Atea Pharmaceuticals Announces Closing of Initial Public Offering

Rhea-AI Summary

Atea Pharmaceuticals (Nasdaq: AVIR) announced the closure of its initial public offering, raising a total of $345 million by selling 14,375,000 shares at $24.00 each. This includes the complete exercise of the underwriters' overallotment option, adding an additional $45 million. The stock began trading on the Nasdaq Global Select Market on October 30, 2020. Major underwriters included J.P. Morgan and Morgan Stanley.

Positive

• Raised a total of $345 million from the IPO.
• Full exercise of overallotment option brought in an additional $45 million.
• Stock commenced trading on Nasdaq, enhancing market visibility.

Negative

• None.

Full Exercise of the Underwriters’ Overallotment Brings Additional $45 Million

BOSTON, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”), a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from life-threatening viral infections, today announced the closing of its initial public offering of 14,375,000 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,875,000 additional shares of common stock, at a public offering price of $24.00 per share. The aggregate gross proceeds to Atea from the offering were $345 million, before deducting underwriting discounts and commissions and other offering expenses. All of the shares in the offering were offered by Atea Pharmaceuticals. Atea’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “AVIR” on October 30, 2020.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Evercore Group L.L.C. and William Blair & Company, L.L.C. acted as joint book-running managers of the offering.

A registration statement on Form S-1 (File No. 333-249404) relating to the offering has been filed with the Securities and Exchange Commission and became effective on October 29, 2020. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at prospectus@morganstanley.com; Evercore Group, L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com.

This press release does not constitute an offer to sell or the 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.

Contacts

Investors:
Will O’Connor
Stern Investor Relations
212-362-1200
will.oconnor@sternir.com

Media:
Carol Guaccero
301-606-4722
contactus@ateapharma.com

FAQ

What was the total amount raised in Atea Pharmaceuticals' IPO?

Atea Pharmaceuticals raised a total of $345 million from its IPO.

When did Atea Pharmaceuticals begin trading on the Nasdaq?

Atea Pharmaceuticals' stock began trading on the Nasdaq Global Select Market on October 30, 2020.

What was the price per share during Atea Pharmaceuticals' IPO?

The price per share during Atea Pharmaceuticals' IPO was $24.00.

Who were the underwriters for Atea Pharmaceuticals' IPO?

The major underwriters for Atea Pharmaceuticals' IPO included J.P. Morgan Securities and Morgan Stanley.