Akebia Therapeutics has launched its IPO of over 5.8 million shares at $17 per share. The stock began trading Thursday on the NASDAQ under the ticker symbol “AKBA.” Morgan Stanley, Credit Suisse and UBS Investment Bank are the lead underwriters. Based in Cincinnati, OH, Akebia Therapeutics is a biotech company focused on developing treatments for anemia and cancer. Its backers include Satter Investment Management, Novo A/S, Novartis Venture Funds, Kearny Venture Partners, Athenian Venture Partners and Triathlon Medical Ventures.
CAMBRIDGE, Mass., Mar 20, 2014 (BUSINESS WIRE) — Akebia Therapeutics, Inc. today announced the pricing of its initial public offering of 5,882,353 shares of common stock at an initial public offering price of $17.00 per share. In addition, Akebia has granted the underwriters a 30-day over-allotment option to purchase up to an additional 879,647 shares of common stock at the initial public offering price. The shares of Akebia’s common stock are expected to begin trading on the NASDAQ Global Market on March 20, 2014 under the ticker symbol “AKBA.” The offering is expected to close on March 25, 2014, subject to customary closing conditions.
Morgan Stanley, Credit Suisse and UBS Investment Bank are acting as joint book-running managers and Nomura is acting as a co-manager for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 19, 2014. The offering will be made only by means of a prospectus, copies of which may be obtained from the offices of Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by email at [email protected] or by toll-free call to (800) 221-1037; or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, (888) 827-7275.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical company focused on the development of novel proprietary therapeutics based on hypoxia-inducible factor biology and the commercialization of these products for patients with kidney disease. Akebia’s lead product candidate, AKB-6548, is in a Phase 2b clinical trial in patients with anemia secondary to chronic kidney disease who are not dependent on dialysis. AKB-6548 is being developed as a once-daily oral therapy which works through the inhibition of hypoxia-inducible factor prolyl hydroxylase, leading to stabilization and increased levels of HIFa and therefore improved production of hemoglobin and red blood cells.