Amylyx Raises $214 Million in Upsized Public Offering on Heels of ALS Drug Approval

Fresh off the approval of its oral combination therapy Relyvrio for the treatment of adults with the rare, neurodegenerative disease amyotrophic lateral sclerosis, Amylyx Pharmaceuticals raised $214 million in an upsized public offering.

The company priced 6.7 million shares of its common stock at a public offering price of $32.00 per share. Amylyx has also granted the underwriters a 30-day option to purchase up to an additional one million shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Amylyx from this offering are expected to be $214.2 million, before deducting underwriting discounts and commissions and offering expenses and excluding any exercise of the underwriters’ option to purchase additional shares.

The bulk of the money will be used to produce and commercialize Relyvrio in the United States as well as prepare for its approval in the European Union. Relyvrio is a combination sodium phenylbutyrate and taurursodiol that was shown to significantly slow the loss of physical function in people living with ALS in a randomized, placebo-controlled phase 2 clinical trial and an open-label extension long-term follow-up phase. Recruitment is ongoing for a phase 3, randomized, placebo-controlled trial in approximately 65 sites across the U.S. and Europe to evaluate its safety and efficacy.

ALS is a progressive and fatal neurodegenerative disorder caused by motor neuron death in the brain and spinal cord. Motor neuron loss in ALS leads to deteriorating muscle function, the inability to move and speak, respiratory paralysis, and eventually, death. More than 90 percent of people with ALS have sporadic disease, showing no clear family history. ALS affects approximately 29,000 people in the United States.

Editor’s note: this story was updated 10/14/22. The original version mischaracterized the nature of the Relyvrio approval

Author: Rare Daily Staff