AveXis (AVXS) Prices 4.25M Common Stock Offering for Proceeds of ~$128M

September 8, 2016 7:29 AM EDT
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AveXis, Inc. (Nasdaq: AVXS) announced the pricing of an underwritten public offering of 4,250,000 shares of its common stock, 3,960,145 shares of which are being offered by AveXis and 289,855 shares of which are being offered by PBM Capital Investments, LLC, an existing stockholder of AveXis, each at a price to the public of $34.50 per share before underwriting discounts and commissions. The net proceeds to AveXis from the offering, after deducting the underwriting discounts and commissions and other offering expenses payable by AveXis, are expected to be approximately $127.7 million. AveXis will not receive proceeds from the sale of the common stock by the selling stockholder. The offering is expected to close on or about September 13, 2016, subject to customary closing conditions. In addition, AveXis has granted the underwriters a 30-day option to purchase up to an additional 637,500 shares of common stock at the public offering price, less the underwriting discounts and commissions.

AveXis intends to use its existing cash and cash equivalents and the net proceeds of the offering to fund the ongoing Phase 1 clinical trial and future SMA trials for AVXS-101, manufacturing activities to support ongoing and future trials for AVXS-101, including the establishment of its own manufacturing facility, and for general corporate purposes and working capital.

Goldman, Sachs & Co. and Jefferies LLC are acting as joint book-running managers. BMO Capital Markets is acting as lead manager and Chardan is acting as co-manager of the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 7, 2016. The offering is being made only by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus and the final prospectus, when available, may be obtained for free from the offices of Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282; by telephone at 1-866-471-2526; or by email at prospectus-ny@ny.email.gs.com or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022; by phone at 1-877-821-7388; or by email at Prospectus_Department@Jefferies.com.

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