About a year after its IPO, Akebia Therapeutics Inc. is raising $60 million in a follow-on offering to support phase III testing of its lead candidate, the renal anemia drug AKB-6548, and phase I development of the cancer-focused AKB-6899. Both drugs are hypoxia inducible factor-prolyl hydroxylase (HIF-PH) inhibitors.
Underwriters UBS Securities LLC and Morgan Stanley & Co. LLC priced the 7.3 million shares (NASDAQ:AKBA) offered at $8.25 each. JMP Securities is acting as lead manager. Needham & Co. and Brean Capital LLC are acting as co-managers.
Net proceeds from the offering are expected to be about