On June 17, 2024, Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), announced that it had closed an underwritten public offering of 12,132,500 shares of its common stock, including 1,582,500 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares, at a price to the public of $38.00 per share. The gross proceeds to Avidity from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $461.0 million. Wilson Sonsini Goodrich & Rosati advised Avidity on patent matters related to the transaction.

Avidity intends to use the net proceeds from this offering, together with its existing cash, to fund the development of its clinical programs, to advance research and development associated with its AOC platform and for working capital and general corporate purposes.

Headquartered in San Diego, CA, Avidity is revolutionizing the field of RNA with its proprietary AOCs, which are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Utilizing its proprietary AOC platform, Avidity demonstrated the first-ever successful targeted delivery of RNA into muscle and is leading the field with clinical development programs for three rare muscle diseases: myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral muscular dystrophy.

The Wilson Sonsini team that advised Avidity on patent matters related to the transaction was led by Minyoung Shin and included Uale Taotafa, Mike Hostetler, Hee Min Noh, Jen Zeng, and Cassidy Evaristo.

For more information, please see Avidity’s press release.