Allogene Therapeutics closes $200.4 million stock offering

Allogene Therapeutics Inc. (NASDAQ: ALLO) completed its underwritten public offering of common stock, raising $200.4 million in gross proceeds before fees and expenses, according to a company statement.

The South San Francisco-based biotechnology company sold 87.5 million shares at $2.00 per share. Underwriters partially exercised their option to purchase an additional 12.7 million shares, bringing the total to 100.2 million shares sold.

The company plans to use net proceeds for general corporate purposes, including clinical trial expenses, research and development costs, general and administrative expenses, and capital expenditures.

Goldman Sachs & Co. LLC, Jefferies and TD Cowen served as joint bookrunners for the offering. Piper Sandler and William Blair also acted as joint bookrunners. Baird and Canaccord Genuity served as lead managers, while TPG Capital BD, LLC acted as co-manager.

The shares were offered under a shelf registration statement filed with the Securities and Exchange Commission that became effective on April 25, 2024. Allogene filed a final prospectus supplement related to the offering with the SEC.

Allogene develops allogeneic chimeric antigen receptor T cell products for cancer and autoimmune diseases. The company focuses on creating off-the-shelf CAR T cell treatments designed to be readily available for patients.

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