SOUTH SAN FRANCISCO, Calif., Sept. 14, 2022 (GLOBE NEWSWIRE) — Akero Therapeutics, Inc. (Nasdaq: AKRO), a clinical-stage firm creating transformational remedies for sufferers with critical metabolic illness marked by excessive unmet medical want, introduced in the present day the pricing of an upsized underwritten public providing of 7,692,308 shares of its widespread inventory at a public providing worth of $26.00 per share. All of the shares within the providing are being supplied by Akero Therapeutics. In addition, Akero Therapeutics has granted the underwriters a 30-day choice to buy as much as an extra 1,153,846 shares of its widespread inventory on the public providing worth, much less underwriting reductions and commissions. The gross proceeds from the providing, earlier than deducting underwriting reductions and commissions and providing bills, are anticipated to be roughly $200.0 million, excluding any train of the underwriters’ choice to buy extra shares. The providing is predicted to shut on or about September 19, 2022, topic to the satisfaction of customary closing circumstances.
J.P. Morgan, Morgan Stanley and Jefferies are performing as joint book-running managers for the providing. Canaccord Genuity is performing as lead supervisor and H.C. Wainwright & Co. is performing as co-manager for the providing.
The shares of widespread inventory are being supplied by Akero Therapeutics pursuant to an efficient shelf registration assertion that was beforehand filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus complement and accompanying prospectus regarding and describing the phrases of the providing was filed with the SEC on September 13, 2022. The last prospectus complement and accompanying prospectus regarding the providing will probably be filed with the SEC and could also be obtained, when accessible, from Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (866) 803-9204, or by e-mail at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by e-mail at [email protected]; and Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by phone at (877) 821-7388, or by e-mail at [email protected]; or by accessing the SEC’s web site at www.sec.gov.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase these securities, nor shall there be any sale of these securities in any state or jurisdiction through which such supply, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such state or jurisdiction.
About Akero Therapeutics
Akero Therapeutics is a clinical-stage firm creating transformational remedies for sufferers with critical metabolic ailments marked by excessive unmet medical want, together with non-alcoholic steatohepatitis (NASH), a illness with none permitted therapies. Akero’s lead product candidate, efruxifermin (EFX), is a differentiated Fc-FGF21 fusion protein that has been engineered to imitate the balanced organic exercise profile of native FGF21, an endogenous hormone that alleviates mobile stress and regulates metabolism all through the physique. EFX is designed to supply handy once-weekly subcutaneous dosing. The consistency and magnitude of noticed results place EFX to be a probably best-in-class medication, if permitted, for therapy of NASH. EFX is at present being evaluated in two Phase 2b medical trials: the HARMONY research in sufferers with pre-cirrhotic NASH (F2-F3 fibrosis), and the SYMMETRY research in sufferers with cirrhotic NASH (F4 fibrosis, compensated). EFX can also be being evaluated in an enlargement cohort of the SYMMETRY research, evaluating the security and tolerability of EFX to placebo when added to an current GLP-1 receptor agonist in sufferers with pre-cirrhotic NASH (F1-F3 fibrosis) and Type 2 diabetes.
Cautionary Note Regarding Forward-Looking Statements
This press launch incorporates forward-looking statements throughout the which means of the Private Securities Litigation Reform Act of 1995, as amended, together with, with out limitation, statements relating to the closing of Akero’s anticipated public providing. The phrases “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and related expressions are meant to determine forward-looking statements, though not all forward-looking statements include these figuring out phrases.
Any forward-looking statements on this press launch are primarily based on administration’s present expectations and beliefs and are topic to a quantity of dangers, uncertainties and essential components that will trigger precise occasions or outcomes to vary materially from these expressed or implied by any forward-looking statements contained on this press launch, together with, with out limitation, uncertainties associated to market circumstances and statements relating to the timing, dimension and anticipated gross proceeds of the providing, the satisfaction of customary closing circumstances associated to the providing and sale of securities, and Akero Therapeutics’ capability to finish the providing. These and different dangers and uncertainties are described in better element within the part entitled “Risk Factors” in Akero’s most up-to-date annual report on Form 10-Okay and quarterly report on Form 10-Q filed with the SEC, in addition to discussions of potential dangers, uncertainties, and different essential components in Akero’s different filings with the SEC, together with these contained or included by reference within the preliminary prospectus complement and accompanying prospectus associated to the providing to be filed with the SEC. Any forward-looking statements contained on this press launch symbolize Akero’s views solely as of the date hereof and shouldn’t be relied upon as representing its views as of any subsequent date. Akero explicitly disclaims any obligation to replace any forward-looking statements, besides as required by legislation.
Investor Contact:
Christina Tartaglia
212.362.1200
[email protected]
Media Contact:
Sarah O’Connell
732.456.0092
[email protected]
