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Autolus sets $350 million offering price for ADSs

EditorNatashya Angelica
Published 02/09/2024, 12:11 AM
© Reuters.

LONDON - Autolus Therapeutics plc (NASDAQ:AUTL), a clinical-stage biopharmaceutical company, has priced an underwritten public offering of 58,333,336 American Depositary Shares (ADSs) at $6.00 each, aiming to raise $350 million in gross proceeds. The offering, announced Thursday, is set to close on February 12, 2024, given that all customary closing conditions are met.

The ADSs, representing an equal number of ordinary shares, were solely offered by Autolus. The company plans to allocate the net proceeds, along with existing cash and an additional $250 million expected from BioNTech SE (NASDAQ:BNTX) through an upfront payment and private placement purchase of ADSs, towards the clinical advancement of its obe-cel program, a key focus in its pipeline. The funds will also support manufacturing activities for obe-cel, the development of commercial infrastructure, working capital, and other general corporate purposes.

Jefferies LLC and Truist Securities, Inc. are serving as joint bookrunners for the offering, while Mizuho Securities USA LLC, Needham & Company, LLC, and Van Lanschot Kempen (USA) Inc. act as co-managers. The securities are offered via an automatic shelf registration statement previously filed with the Securities and Exchange Commission (SEC). The final prospectus supplement, which will detail the offering further, will also be filed with the SEC.

Autolus specializes in programmed T cell therapies for cancer and autoimmune diseases, boasting a suite of proprietary technologies to create targeted treatments. The company's pipeline includes candidates for hematological malignancies, solid tumors, and autoimmune diseases.

The press release contains forward-looking statements regarding the offering's completion and the intended use of proceeds, which are subject to market conditions and other factors that could influence the successful closure of this offering. This news is based on a press release statement, and the offering is made solely by means of a written prospectus and prospectus supplement.

InvestingPro Insights

As Autolus Therapeutics plc (NASDAQ:AUTL) navigates its public offering aimed at raising substantial funds to propel its clinical programs forward, investors are closely monitoring the company's financial health and market performance. According to real-time data from InvestingPro, Autolus holds a market capitalization of approximately $1.04 billion USD, reflecting investor sentiment and the company's perceived value in the biopharmaceutical landscape.

InvestingPro Tips suggest that Autolus maintains a stronger liquidity position by holding more cash than debt on its balance sheet, which could be a reassuring factor for investors considering the company's financing strategies. Furthermore, despite the challenges in profitability, with the company not being profitable over the last twelve months, analysts have revised their earnings upwards for the upcoming period, indicating potential optimism about Autolus's future performance.

From a valuation standpoint, Autolus is trading at a high Price / Book multiple of 5.78 as of the last twelve months leading up to Q3 2023. This metric might suggest a premium on the company's assets relative to its current share price. Meanwhile, the company's revenue growth has been notable, with a 103.43% increase over the same period, although analysts anticipate a decline in sales in the current year.

For investors seeking a deeper dive into Autolus's financials and market potential, InvestingPro offers additional insights. There are 13 more InvestingPro Tips available, which can provide a comprehensive analysis of Autolus's financial health and future prospects. Interested readers can use the coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription, and unlock these valuable insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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