Latham Advises Avidity Biosciences in Pricing of Upsized Public Offering of Common Stock

Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates, has announced the pricing of an underwritten public offering of 12,000,000 shares of its common stock at a price to the public of US$17.25 per share. All of the shares to be sold in the offering are to be sold by Avidity. The gross proceeds to Avidity from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be US$207 million. The offering is expected to close on or about December 20, 2022, subject to the satisfaction of customary closing conditions. In addition, Avidity has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock.

Latham & Watkins LLP advised Avidity Biosciences in the transaction, with a corporate deal team led by San Diego partners Cheston Larson and Matt Bush, with associates Briana Goncalves, and Alex Stuart-Lovell.