Apellis nets $382M through FOPO

Apellis Pharmaceuticals Inc. (complement system inhibitors) netted $382M in a public offering of 10.9M shares (including full exercise of the overallotment) at $37. The company will use the proceeds to fund continued development and potential commercialization (including build-out of a commercial infrastructure and sales force) of lead candidate pegcetacoplan (APL2), a C3 inhibitor, in Phase III for multiple indications. Concurrent with the financing, Apellis announced topline results from a Phase III study in paroxysmal nocturnal hemoglobinuria, for which the candidate has a 66% likelihood of approval (7% above average).