CAMBRIDGE, Mass.--(BUSINESS WIRE)--Akebia Therapeutics, Inc. (NASDAQ:AKBA), a biopharmaceutical company focused on delivering innovative therapies to patients with kidney disease through the biology of hypoxia-inducible factor (HIF), today announced the closing of its previously announced underwritten public offering of common stock. Akebia sold 4,600,000 shares of common stock at an offering price to the public of $14.50 per share, which included 600,000 shares of common stock sold pursuant to the full exercise of the underwriters' option to purchase additional shares. Gross proceeds to Akebia from the offering are expected to be approximately $67 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Akebia.
Morgan Stanley acted as sole book-running manager for the offering. JMP Securities acted as lead manager. Needham & Company, Raymond James, BTIG and H.C. Wainwright & Co. acted as co-managers for the offering.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on delivering innovative therapies to patients with kidney disease through hypoxia-inducible factor biology. Akebia's lead product candidate, vadadustat, is an oral, investigational therapy in development for the treatment of anemia related to chronic kidney disease in both non-dialysis and dialysis patients. Akebia's global Phase 3 program for vadadustat, which includes the PRO2TECT studies for non-dialysis patients with anemia secondary to chronic kidney disease and the INNO2VATE studies for dialysis-dependent patients, is currently ongoing.