SOUTH SAN FRANCISCO - Akero Therapeutics Inc . (NASDAQ: NASDAQ:AKRO), a clinical-stage biopharmaceutical company, announced today its initiation of a public offering of $300 million in common stock. The company is also providing underwriters a 30-day option to purchase up to an additional $45 million of shares. The offering's completion is contingent on market conditions and other factors, with no guarantees regarding its final terms or successful execution.
The offering is being managed by J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI as joint book-running managers. These securities are offered pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC). Interested parties can obtain the preliminary prospectus supplement and accompanying prospectus from the SEC's website or directly from the managing firms.
Akero Therapeutics focuses on developing treatments for patients with serious metabolic diseases, such as metabolic dysfunction-associated steatohepatitis (MASH), a condition currently lacking approved therapies. Their lead product candidate, efruxifermin (EFX), is in Phase 3 clinical trials, with a new trial expected to commence in the first half of 2024.
The company's forward-looking statements regarding the anticipated offering are subject to market risks and uncertainties. These statements reflect management's current expectations and are not guarantees of future performance. The success of the offering and the actual terms may vary based on market conditions and other factors detailed in Akero's SEC filings.
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