Kymera Therapeutics Completes $225 Million Public Offering
Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company that is pioneering a new class of small molecule medicines through targeted protein degradation (TPD), has successfully completed its upsized underwritten public offering, raising $225 million in common stock. This offering also included pre-funded warrants for certain investors to purchase additional shares of common stock.
Details of the Offering
In total, Kymera sold 2,830,533 shares of its common stock, which includes 828,220 shares resulting from the underwriters' full exercise of their option to buy more shares. Furthermore, pre-funded warrants were issued for the purchase of 3,519,159 shares of common stock. The public offering price was established at $40.75 per share, while the pre-funded warrants were priced at $40.7499 each, reflecting the share price minus a minimal exercise cost.
Gross Proceeds from the Offering
Kymera's gross proceeds from this offering are approximately $258.75 million before accounting for underwriting discounts, commissions, and estimated offering expenses. This strategic financial decision is anticipated to bolster Kymera’s ability to develop innovative therapies.
Book-Running Managers
Morgan Stanley, J.P. Morgan, TD Cowen, and Stifel served as joint book-running managers for this offering, playing a crucial role in facilitating Kymera's successful capital raise.
About Kymera Therapeutics
Kymera Therapeutics is a clinical-stage biotechnology company that is at the forefront of targeted protein degradation (TPD), aiming to create medicines that tackle significant health challenges and have the potential to greatly enhance patient outcomes. The company is dedicated to applying TPD technology to disease targets and pathways that traditional therapeutics often overlook. Kymera has already advanced its first degrader into clinical trials, focusing on immunological diseases, while also making progress in its oncology programs that target poorly drugged or undruggable proteins. Founded in 2016, Kymera has been recognized multiple times as one of the best workplaces in Boston.
Investor and Media Contact
Justine Koenigsberg
Vice President, Investor Relations
investors@kymeratx.com
media@kymeratx.com
857-285-5300
Frequently Asked Questions
What is the main purpose of Kymera's recent public offering?
The public offering is intended to generate funds that will support Kymera's ongoing research and development efforts in targeted protein degradation, aimed at creating innovative therapies.
How much capital was raised through the offering?
Kymera Therapeutics raised approximately $258.75 million in gross proceeds from the offering.
Who managed the public offering?
The offering was managed by Morgan Stanley, J.P. Morgan, TD Cowen, and Stifel, who acted as joint book-running managers.
What is targeted protein degradation (TPD)?
TPD is an innovative therapeutic strategy that focuses on breaking down disease-causing proteins in the body, creating new avenues for drug development that traditional methods cannot explore.
When was Kymera Therapeutics founded?
Kymera Therapeutics was established in 2016 and has quickly become a significant entity in the biotechnology sector.
