Akero Therapeutics to raise ~$299M in public offering of 11M shares at $29.00/share

Akero Therapeutics, Inc.

Offering of 11,000,000 shares at $29.00 per share; underwriters have 30-day option for additional 1,650,000 shares.
Net proceeds expected ~$299.4M (or ~$344.4M if option exercised in full).
Proceeds to fund clinical development of efruxifermin (EFX) for NASH, including Phase 2b HARMONY and Phase 3 SYNCHRONY studies.
Cash runway extended into 2027; company currently has no agreements for acquisitions or investments with proceeds.
Offering expected to close March 8, 2024, subject to customary conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Akero Therapeutics, Inc. entered into Underwriting Agreement with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC, and Evercore Group L.L.C. valued at approximately $299.4 million (effective 2024-03-05).

Action: entry
Agreement: underwriting
Counterparty: J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC, and Evercore Group L.L.C.
Value: approximately $299.4 million
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, Akero Therapeutics, Inc. (the “Company”) entered into an underwriting agreement (the “ Underwriting Agreement ”) with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC, and Evercore Group L.L.C. as representatives of the several underwriters named therein (the “ Underwriters ”) pursuant to which the Company agreed to issue and sell 11,000,000 shares of the Company’s common stock, par value $0.0001 per share (the “ Common Stock ”), to the Underwriters at a public offering price of $29.00 per share (the “ Offering ”).

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Source: SEC EDGAR

accession 0001193125-24-060883

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