Benzinga | Feb 10, 2021 06:59AM EST

Autolus Therapeutics Raises $100M Via Equity

* Autolus Therapeutics PLC (NASDAQ: AUTL) prices an underwritten public offering in the U.S. of 14.3 million American Depositary Shares (ADS) representing 14.3 million ordinary shares at $7 per ADS, for total gross proceeds of approximately $100 million. Underwriters have an option to purchase up to an additional 2.1 million ADSs.

* The offering is expected to close on February 12.

* J.P. Morgan and Wells Fargo Securities are acting as joint book-runners for the offering.

* Autolus did not mention the use for the proceeds raised. Still, last month, it prioritized the development of AUTO1 and thus planned to cut headcount by approximately 20% resulting in annualized savings of $15 million. AUTO1 is under development for adult acute lymphoblastic leukemia, with full data from the AUTO1-AL1 study expected in 2022.

* Autolus plans to seek a partner for the AUTO3 program, its CAR T product candidate for relapsed/refractory diffuse large B cell lymphoma, ahead of progressing into the next phase of development.

* Price Action: AUTL slid 2% at $7.35 during the premarket trading on the last check Wednesday.