Jan 19 (IFR) - Agios Pharmaceuticals pivoted from industry conferences to the capital markets, securing US$425m in a follow-on stock sale that meets its funding needs for the year.
JP Morgan, Goldman Sachs and Cowen marketed for one day Thursday before pricing 7.1m shares at US$67, 4.7% below pre-launch levels but marking a slight increase from the US$400m, fixed size targeted at launch.
Agios shares traded at US$71.56 on Friday.
Agios, which presented at the JP Morgan healthcare conference a week earlier, is using proceeds to support a recently launched cancer drug and another that is pending regulatory approval. (This story will appear in the January 20 issue of IFR Magazine)