WATERTOWN, Mass. – Kymera Therapeutics Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company, announced today the pricing of its public offering at $275M. The offering includes 2,250,495 common shares and pre-funded warrants to purchase 8,640,594 shares. Common shares are priced at $25.25 each, and pre-funded warrants are offered at $25.2499, just one-tenth of a cent below the common share price, reflecting the nominal exercise price of the warrants.
The company expects to raise gross proceeds of about $275M before underwriting discounts, commissions, and other estimated offering expenses. This excludes any potential proceeds from the exercise of pre-funded warrants and the underwriters' option to buy additional shares. Kymera has granted the underwriters a 30-day option to purchase up to an additional $41.25M of shares at the public offering price, less the underwriting discounts and commissions.
Kymera aims to use the net proceeds to advance its pipeline of targeted protein degradation (TPD) therapies, which are designed to treat large patient populations with significant unmet medical needs. The funds may also be allocated to working capital, general corporate purposes, and potentially to in-license, acquire, or invest in complementary businesses or technologies.
Morgan Stanley (NYSE:MS), J.P. Morgan, and TD Cowen are serving as joint lead bookrunning managers for the offering, with UBS Investment Bank also acting as a bookrunning manager. The offering is expected to close on January 9, 2024, subject to customary closing conditions.
Kymera's TPD technology focuses on creating small molecule medicines that target disease-related proteins for degradation, offering a novel approach to treating diseases with high unmet medical needs. The company is progressing both immunological and oncology programs, targeting proteins that have been challenging to address with traditional therapeutics.
The offering is being made pursuant to an automatically effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 1, 2021. A final prospectus supplement relating to the offering will be filed with the SEC and available on its website.
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