Kymera Therapeutics Announces $225 Million Public Offering
Kymera Therapeutics, Inc. (NASDAQ: KYMR), a biopharmaceutical company in the clinical stage, is making strides in developing a new class of small molecule medicines through targeted protein degradation (TPD). Today, they revealed the pricing for their underwritten public offering, which amounts to $225 million in shares of common stock. In addition to common stock, certain investors will receive pre-funded warrants to purchase shares of common stock. Specifically, Kymera is offering 2,002,313 shares of common stock along with pre-funded warrants for an additional 3,519,159 shares. The common stock is priced at $40.75 per share, while the pre-funded warrants are priced at $40.7499 each, reflecting the common stock price minus a nominal exercise price of $0.0001 per share. Furthermore, the underwriters have a 30-day option to acquire up to 828,220 additional shares at the same public offering price, minus any applicable underwriting discounts and commissions. The total gross proceeds from this offering are anticipated to be around $225 million, before deducting underwriting fees and estimated expenses, and excluding any exercise of the pre-funded warrants or the underwriters’ option to purchase more shares. All securities involved in this offering are being sold by Kymera, and the transaction is expected to finalize once standard closing conditions are met.
Kymera plans to utilize the net proceeds from this offering to further develop its pipeline of preclinical and clinical degrader programs aimed at addressing significant health needs and commercial opportunities. Additionally, the funds may be allocated for working capital and other general corporate purposes. A portion of the proceeds could also be used to in-license, acquire, or invest in complementary businesses or technologies, thereby enhancing Kymera's pipeline, research and development capabilities, and intellectual property portfolio.
Morgan Stanley, J.P. Morgan, TD Cowen, and Stifel are serving as the joint book-running managers for this offering.
The securities mentioned are being offered under an automatically effective shelf registration statement on Form S-3 that has been filed with the U.S. Securities and Exchange Commission. The offering is conducted solely through a prospectus supplement and an accompanying prospectus that are part of the registration statement.
A final prospectus supplement detailing the terms of the offering will be submitted to the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus can be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, or TD Securities (USA) LLC, or Stifel, Nicolaus & Company, Incorporated.
About Kymera Therapeutics
Kymera is a clinical-stage biotechnology company that is at the forefront of targeted protein degradation (TPD) to create medicines that tackle critical health challenges and have the potential to significantly enhance patients' lives. By utilizing TPD, Kymera aims to target disease pathways and targets that are otherwise inaccessible with traditional therapies. Having successfully advanced the first degrader into clinical trials for immunological diseases, Kymera is dedicated to delivering oral small molecule degraders that represent a new generation of effective and convenient treatments for patients. The company is also making progress with degrader oncology programs that focus on targeting proteins that are difficult to drug, thereby opening new avenues in cancer treatment. Founded in 2016, Kymera has consistently been recognized as one of Boston’s top workplaces over the years.
Frequently Asked Questions
What is Kymera Therapeutics' recent public offering?
Kymera Therapeutics has announced a public offering of $225 million in shares and pre-funded warrants.
What will the proceeds from the offering be used for?
The proceeds will help advance Kymera's pipeline of preclinical and clinical degrader programs as well as cover general corporate expenses.
Who are the joint book-running managers for the offering?
Morgan Stanley, J.P. Morgan, TD Cowen, and Stifel are the joint book-running managers.
What are targeted protein degradation (TPD) therapies?
TPD therapies aim to target disease pathways that traditional therapeutics cannot reach, potentially leading to better treatment outcomes.
When is the expected closing date for the offering?
The offering is anticipated to close once customary closing conditions are satisfied.
