January 19, 2018 / 6:00 PM / 4 months ago

Agios sizes up funding needs

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)

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