Avidity Biosciences prices $600 million stock offering at $40 per share

Avidity Biosciences Inc. (NASDAQ: RNA) announced the pricing of an upsized public offering of 15 million shares of common stock at $40 per share. The biopharmaceutical company expects gross proceeds of $600 million before deducting underwriting discounts and other expenses.

The offering is expected to close on or about September 15, 2025, subject to customary closing conditions. Avidity has granted underwriters a 30-day option to purchase up to an additional 2.25 million shares.

The company intends to use net proceeds to advance development of three late-stage clinical programs, build commercial inventory levels for potential launches, expand commercial infrastructure, progress research and development of its Antibody Oligonucleotide Conjugates platform, and for working capital and general corporate purposes.

Leerink Partners, J.P. Morgan, TD Cowen, Cantor and Wells Fargo Securities are serving as joint bookrunning managers for the offering.

Avidity develops RNA therapeutics called Antibody Oligonucleotide Conjugates, with clinical programs targeting rare muscle diseases including myotonic dystrophy type 1, Duchenne muscular dystrophy and facioscapulohumeral muscular dystrophy. The company is also advancing two precision cardiology development candidates for rare genetic cardiomyopathies.

The securities are being offered under a shelf registration statement filed with the Securities and Exchange Commission. The company is headquartered in San Diego.

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