Avidity Biosciences announces $500M common stock offering

Avidity Biosciences (RNA) announced that it intends to offer and sell, subject to market and other conditions, $500M 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 advance the development of its three late-stage clinical programs, to build appropriate commercial inventory levels to support multiple potential launches, to expand its commercial infrastructure, to progress research and development associated with its AOC platform, and for working capital and general corporate purposes. Leerink Partners, J.P. Morgan, TD Cowen, Cantor and Wells Fargo Securities are acting as joint bookrunning managers for the offering.