Latham & Watkins Advises Avidity Biosciences on 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 (AOCs™), has announced the pricing of an underwritten public offering of 10,550,000 shares of its common stock at a price to the public of US$38.00 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$400.9 million. The offering is expected to close on or about June 17, 2024, 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 1,582,500 shares of common stock.

Latham & Watkins advised Avidity Biosciences in the offering with a corporate team led by San Diego partners Matt Bush and Cheston Larson, with associates Nadia Patiño and Rachel Staub. Advice was also provided on FDA regulatory matters by Washington, D.C. counsel Chad Jennings.