AveXis raises $400M in follow-on

AveXis Inc. (NASDAQ:AVXS) raised $400 million late Tuesday through the sale of 3.9 million shares at $102 in a follow-on underwritten by Goldman Sachs, Jefferies, BofA Merrill Lynch and BMO Capital Markets. The price is a 13% discount to AveXis' close of $117.50 on Friday, before it proposed the follow-on.

Before the market opened on Tuesday, AveXis announced plans to expand its clinical development program for spinal muscular atrophy (SMA) gene therapy candidate AVXS-101. The company slid $12.49 (11%) to $105.01 on Tuesday (see BioCentury Extra, Jan. 16)...