Agios Pharmaceuticals Inc. (NASDAQ: AGIO) has filed with the U.S. Securities and Exchange Commission (SEC) regarding its secondary offering. The company intends to offer up to $150 million of its common stock with an overallotment option for an additional $22.5 million. All of the shares in this offering are being sold by Agios.
The underwriters for the offering are JPMorgan and Goldman Sachs.
This biopharmaceutical company is committed to applying its scientific leadership in the field of cellular metabolism to transform the lives of patients with cancer and rare genetic metabolic disorders, which are a subset of orphan genetic metabolic diseases.
Agios focuses its efforts on using cellular metabolism, an unexploited area of biological research with disruptive potential, as a platform for developing potentially transformative small molecule medicines. Its most advanced cancer product candidates are AG-221 and AG-120, which target mutated isocitrate dehydrogenase 2 and 1, or IDH2 and IDH1, respectively, and AG-881, which targets both mutated IDH1 and mutated IDH2. These mutations are found in a wide range of hematological malignancies and solid tumors.
On September 7, 2016, the company’s collaboration partner Celgene Corp. (NASDAQ: CELG) announced that it expects to submit a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) for enasidenib (AG-221) in relapsed and/or refractory acute myeloid leukemia by year-end 2016.
The company intends to use the net proceeds from this offering for working capital and general corporate purposes, including ongoing late stage development and pre-commercial activities for both AG-120 and AG-221, advancement of our PK deficiency program and development of our early candidate programs.
Shares of Agios were trading down 2.6% at $44.77 on Wednesday, with a consensus analyst price target of $62.83 and a 52-week trading range of $33.50 to $99.46.