Axcella, a clinical-stage biotechnology company focused on leveraging endogenous metabolic modulators (EMMs) to pioneer a new approach for treating complex diseases and improving health, has announced the pricing of its underwritten public offering of 11,000,000 shares of its common stock at a public offering price of $4.75 per share, before deducting underwriting discounts and commissions. In addition, Axcella has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Axcella, are expected to be approximately $52.3 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on May 18, 2020, subject to the satisfaction of customary closing conditions.
Latham & Watkins LLP represents the underwriters in the public offering with a corporate deal team led by partners Peter Handrinos and Wesley Holmes, with associates Danny Shulman and Emily Henderson. Advice was also provided on FDA regulatory matters by partner Elizabeth Richards, with associate Barrett Tenbarge; on healthcare regulatory matters by counsel Betty Pang; on intellectual property matters by partner Alan Tamarelli, with associate Jiqiang Lin; and on tax matters by partner Jocelyn Noll, with associate Joseph Curran.