Avidity Biosciences Inc (Nasdaq:RNA), a US biopharmaceutical focused on delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs), announced on Thursday the pricing of its upsized underwritten public offering of 15,000,000 shares of its common stock at a price to the public of USD40.00 per share.

All the shares to be sold in the offering will be sold by Avidity. Gross proceeds to Avidity from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be USD600.0m. Subject to the satisfaction of customary closing conditions, the offering is expected to close on or about 15 September 2025.

The company has also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock.

Avidity intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities, to advance the development of its three late-stage clinical programmes, to build appropriate commercial inventory levels to support multiple potential launches, to expand its commercial infrastructure, to progress research and development associated with its AOC platform, and for working capital and general corporate purposes.

Leerink Partners, J.P. Morgan, TD Cowen, Cantor and Wells Fargo Securities are acting as joint bookrunning managers for the offering.