Cambridge, Massachusetts-based Amylyx Pharmaceuticals (Nasdaq: AMLX) announced the pricing of an upsized underwritten public offering of common stock, raising USD 500.2 million in gross proceeds to fund pre-commercial preparations for avexitide, its lead GLP-1 receptor antagonist for post-bariatric hypoglycemia (PBH). The raise comes two days after avexitide met its FDA-agreed primary endpoint in the Phase III LUCIDITY trial, and represents a significant upsizing from the company's initial USD 350 million target announced the prior day.
The offering comprises 14,090,000 shares priced at USD 35.50 per share, with underwriters granted a 30-day option to purchase up to an additional 2,113,500 shares. Amylyx said it intends to use net proceeds, together with existing cash, for avexitide pre-commercial activities including securing additional manufacturing capacity, research and development, and working capital. The offering was expected to close on or about August 21, 2026. The USD 35.50 pricing compares with USD 10.00 per share in a USD 175 million offering priced in September 2025, reflecting the stock's appreciation following the LUCIDITY readout.
Avexitide, acquired from Eiger BioPharmaceuticals in a bankruptcy auction for USD 35.1 million in July 2024, carries FDA Breakthrough Therapy Designation for PBH in patients following Roux-en-Y gastric bypass surgery. The LUCIDITY trial demonstrated a 55% reduction in composite Level 2 and Level 3 hypoglycemic events versus placebo (p=0.000003), with all secondary endpoints met. Amylyx has said the data support an NDA filing targeting a potential approval and launch in 2027. Beyond avexitide, Amylyx is advancing AMX0035 (sodium phenylbutyrate/taurursodiol) in Wolfram syndrome, where a pivotal Phase III trial is targeted for initiation in H2 2026, and AMX0114, an antisense oligonucleotide targeting calpain-2 for ALS, currently in Phase I dose escalation.
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