Sidley represented Acrivon Therapeutics, Inc. in connection with the issuance and sale of an aggregate of 8,235,000 shares of its common stock, at a price of US$8.50 per share, a premium to the closing price on April 8, 2024, and pre-funded warrants to purchase up to an aggregate of 7,060,000 shares of common stock at a purchase price of US$8.499 per pre-funded warrant, through a private investment in public equity (“PIPE”) financing. The pre-funded warrants will have an exercise price of US$0.001 per share of common stock, will be immediately exercisable, and will remain exercisable until exercised in full. Acrivon anticipates the gross proceeds from the oversubscribed PIPE to be approximately $130 million, before deducting fees to the placement agent and other offering expenses payable by the company. The closing of the financing is expected to occur on April 11, 2024, subject to customary closing conditions.
Acrivon Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing Acrivon’s proprietary proteomics-based patient-responder identification platform, Acrivon Predictive Precision Proteomics, or AP3.
For additional information, please refer to the press release.
The Sidley team was led by Asher M. Rubin (Technology and Life Sciences Transactions), Istvan Hajdu (Capital Markets), and Nick DeAngelis (M&A), and included Kunchok Yaklha and Kim Gubbels (Capital Markets), and Kevin Sforza (Food, Drug and Medical Device).
