Arvinas Inc (NASDAQ:ARVN) reported a proposed offering of $250 million of common stock.
The New Haven, Conn.-based company, a clinical-stage biotechnology company creating a new class of drugs based on targeted protein degradation using its PROTAC ® Discovery Engine, today announced that it is commencing an underwritten public offering of $250.0 million of its common stock.
In addition, Arvinas intends to grant the underwriters an option for a period of 30 days to purchase up to an additional $37.5 million of its common stock.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. All of the shares are to be offered by Arvinas.
Goldman Sachs & Co. LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering.
According to Tuesday’s news release, ARVN is "dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development, and commercialization of therapies that degrade disease-causing proteins.
"Arvinas uses its proprietary PROTAC ® Discovery Engine platform to engineer proteolysis targeting chimeras, or PROTAC ® targeted protein degraders, that are designed to harness the body’s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins."
ARVN shares charged ahead $5.54, or 9.5%, to $63.92.
