Kymera Therapeutics Inc. (KYMR) has announced the pricing for its underwritten public offering, raising $225 million through the sale of common stock and pre-funded warrants to certain investors.
Kymera's trading session on Monday closed at $44.55, marking an increase of $0.75 or 1.71%. However, in after-hours trading, the stock experienced a decline of $2.47 or 5.54%.
The offering consists of approximately 2.00 million shares of common stock and pre-funded warrants for about 3.52 million shares of common stock. The common stock is being sold at a public offering price of $40.75 per share. Each pre-funded warrant is priced at $40.7499, reflecting the public offering price minus a nominal exercise price of $0.0001 per share.
Furthermore, Kymera has granted the underwriters a 30-day option to purchase up to an additional 828,220 shares of common stock at the offering price, less underwriting discounts and commissions.
The company anticipates gross proceeds from the offering to be around $225 million before deducting underwriting fees and estimated offering expenses. The closing date for the offering is expected to be August 21, 2024.
Kymera intends to utilize the net proceeds from this offering to further its pipeline of preclinical and clinical degrader programs, which target large patient populations with significant needs and clear commercial potential. Funds will also be allocated for working capital and other general corporate purposes.
Additionally, Kymera may use a portion of the proceeds to in-license, acquire, or invest in complementary businesses or technologies, thereby enhancing its pipeline, research and development capabilities, and intellectual property portfolio.
