Akebia Therapeutics Shares Tumble Following Public Offering

Dow Jones03-19

By Connor Hart

Shares of Akebia Therapeutics fell after the company said it has commenced an underwritten public offering.

The stock sank 21% to $2.24 in after-hours trading Wednesday. Shares ended the regular session 11% higher at $2.84, marking a slight retreat from their earlier high of $2.89. They are up 46% in the past year.

The Cambridge, Mass., biopharmaceutical company didn't say how many shares of its common stock it expects to sell, nor did it disclose anticipated proceeds. It said all shares are being offered by the company.

Akebia plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares sold in the offering at the public-offering price, minus underwriting discounts and commissions.

Leerink Partners and Piper Sandler are acting as joint bookrunning managers for the offering, the company said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

March 19, 2025 17:30 ET (21:30 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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