Apogee Therapeutics closes $345 million public offering

Apogee Therapeutics Inc. (NASDAQ: APGE) completed its public offering on Oct. 10, raising approximately $345 million in gross proceeds before underwriting discounts and other expenses.

The clinical-stage biotechnology company sold 8,048,782 shares of common stock at $41.00 per share. The underwriters exercised their full option to purchase an additional 1,097,561 shares. The company also issued pre-funded warrants to purchase up to 365,853 shares at $40.99999 per warrant to certain investors.

The pre-funded warrants carry an exercise price of $0.00001 per share and are immediately exercisable.

Jefferies, BofA Securities, Guggenheim Securities and TD Cowen served as joint book-running managers for the offering. BTIG acted as passive bookrunner.

The offering was conducted under an automatically effective shelf registration statement filed with the Securities and Exchange Commission on Aug. 12, 2024.

Apogee develops biologics for inflammatory and immunology conditions including atopic dermatitis, asthma, eosinophilic esophagitis and chronic obstructive pulmonary disease. The company's lead program APG777 is being developed for atopic dermatitis treatment.

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