Brown Rudnick advised Aerovate Therapeutics Inc. on the deal.
Aerovate Therapeutics, Inc. (Nasdaq: AVTE), a clinical stage biopharmaceutical company focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease, announced the closing of its upsized initial public offering of 9,984,463 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,302,321 additional shares of common stock, at a public offering price of $14.00 per share. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Aerovate, were approximately $139.8 million. All of the shares in the offering were sold by Aerovate.
Jefferies LLC, Cowen and Company, LLC, and Evercore Group L.L.C. acted as joint book-running managers for the offering. Wedbush Securities Inc. acted as a lead manager for the proposed offering.
Aerovate is a clinical stage biopharmaceutical company focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. Aerovate’s initial focus is on advancing AV-101, its dry powder inhaled formulation of the drug imatinib for the treatment of pulmonary arterial hypertension, or PAH.
The Brown Rudnick deal team includes Intellectual Property specialists Adam Schoen (Picture) and Daniel Palmer. Michael Cohen of Brown Rudnick’s Corporate and Capital Markets Practice Groups also counseled Aerovate in the lead-up to its IPO.
Law Firms: Brown Rudnick LLP;
Clients: Aerovate Therapeutics;