Terns Pharmaceuticals Secures $150 Million Through Public Offering
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Terns Pharmaceuticals Secures Significant Funding
Terns Pharmaceuticals, Inc. has made headlines with its recent announcement regarding the pricing of an upsized underwritten public offering. The company, known for developing innovative treatments in serious conditions such as oncology and obesity, has priced this offering at $150.15 million. This move signifies Terns' commitment to advancing its clinical programs and enhancing its operational capabilities.
Details of the Offering
The public offering includes a substantial number of shares — 11,919,048 at an offering price of $10.50 per share. Additionally, for some investors, Terns is offering pre-funded warrants to acquire a further 2,380,952 shares at a slightly reduced price of $10.4999 per warrant. The deal comes before any underwriter discounts and commissions, representing a strategic move to bolster the company’s finances.
Closing Date and Underwriters
The offering is anticipated to close shortly, subject to customary conditions, paving the way for Terns to optimize its capital structure. Notable underwriters such as Jefferies and TD Cowen are playing key roles in managing the offering, with BMO Capital Markets and UBS Investment Bank also facilitating this promising financial maneuver.
Intended Use of Proceeds
The funds raised through this public offering will primarily serve multiple facets of Terns' operations. The company plans on financing various aspects including research, clinical trials, development, and manufacturing of its promising key product candidates. These include TERN-701, TERN-601, as well as others in the TERN-800 series, all of which represent Terns' innovative solutions aimed at addressing significant health challenges.
Regulatory Details
Terns has ensured compliance with regulatory protocols by filing a shelf registration statement relevant to the offered securities. This filing, initiated on February 1, has been declared effective by the Securities and Exchange Commission (SEC). As part of the offering process, a prospectus supplement and the accompanying prospectus have been duly filed with the SEC to provide potential investors with comprehensive information.
Information for Investors
Investors interested in additional details regarding this offering can obtain the prospectus and related documents from Jefferies or TD Securities. This transparency aims to foster trust and provide clarity for those considering Terns’ investment opportunities.
About Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is dedicated to combating serious ailments through cutting-edge research and development. With a focus on severe conditions, including both cancer and metabolic diseases, Terns has developed a robust pipeline featuring clinical-stage product candidates. Their innovative approach encompasses a variety of small-molecule therapies aimed at transforming patient care.
Research and Development Focus
Among Terns' clinical programs is an allosteric BCR-ABL inhibitor and a small-molecule GLP-1 receptor agonist, along with a THR-? agonist. The company is also making strides in developing GIPR modulators, with a keen focus on identifying effective candidates to enhance treatment outcomes for patients.
Frequently Asked Questions
What is the total amount raised in Terns' latest offering?
The total amount raised in Terns' latest public offering is approximately $150.15 million.
Who are the main underwriters for Terns' public offering?
Jefferies and TD Cowen are acting as the lead book-running managers for the offering.
What are the intended uses of the proceeds from the offering?
The proceeds will be used for research, clinical trials, development activities, and general corporate purposes for Terns's product candidates.
When is the offering expected to close?
The offering is expected to close shortly, pending standard closing conditions.
What type of company is Terns Pharmaceuticals?
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing small-molecule product candidates aimed at treating serious diseases.
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