BRIEF—Arrowhead prices $450 million underwritten offering of common stock

US biotech Arrowhead Pharmaceuticals today announced the pricing of an underwritten registered offering of 15,790,000 shares of its common stock, par value $0.001 per share, offered at a price of $28.50 per share, before underwriting discounts.

The news saw Arrowhead’s shares rise 3.2% to $32.26.

The offering is expected to close on or about January 5, 2024, subject to customary closing conditions.

Gross offering proceeds will be approximately $450.0 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Jefferies, BofA Securities and TD Cowen are acting as bookrunning managers for the offering.

Arrowhead intends to use the net proceeds from this offering for research and development, general corporate expenses and working capital needs.