Avidity Biosciences announces $150M common stock offering

Avidity Biosciences announced that it intends to offer and sell, subject to market and other conditions, $150M of shares of its common stock in an underwritten public offering. Avidity intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities: to fund the research and development of its development programs, to continue development work associated with advancing its AOC platform and for working capital and general corporate purposes. Cowen, Evercore ISI and Wells Fargo Securities are acting as joint bookrunning managers for the offering. Needham & Company and Raymond James are acting as co-lead managers for the offering.