Kymera Therapeutics Announces Successful Pricing of $275 Million Public Offering, Setting the Stage for Continued Progress in Targeted Protein Degradation
WATERTOWN, Mass. January 5, 2024 - Kymera Therapeutics, Inc. (NASDAQ: KYMR), a pioneering clinical-stage biopharmaceutical company leveraging targeted protein degradation (TPD) to develop a new class of small molecule medicines, is pleased to announce the successful pricing of its underwritten public offering. The company is offering $275 million worth of shares of its common stock, alongside pre-funded warrants to purchase additional shares of common stock. This milestone not only signifies confidence in Kymera’s innovative approach but also provides them with substantial financial resources to further advance their groundbreaking therapies.
With this offering, Kymera is selling a total of 2,250,495 shares of common stock and has placed pre-funded warrants to acquire 8,640,594 shares of common stock with specific investors. The shares of common stock are being sold at a public offering price of $25.25 per share, while the pre-funded warrants are being offered at a price of $25.2499 per warrant. The total gross proceeds from this offering are expected to reach approximately $275 million, barring any exercise of the pre-funded warrants or the underwriters’ option to purchase additional shares. After deducting underwriting discounts, commissions, and estimated offering expenses payable by Kymera, these funds will further empower Kymera’s mission of advancing targeted protein degradation therapies.
Additionally, Kymera has granted the underwriters a 30-day option to purchase up to an additional $41.25 million worth of common stock at the public offering price per share, less underwriting discounts and commissions. This greenlight affords Kymera the potential for extra capital infusion to bolster its transformative research and development efforts.
This public offering underscores the market’s belief in Kymera’s potential and reflects the strong progress the company has made so far. It solidifies Kymera’s standing as an emerging leader in the field of targeted protein degradation. By harnessing the body’s natural mechanisms to selectively eliminate disease-causing proteins, Kymera’s therapies hold great promise in overcoming previously untreatable conditions.
The offering is scheduled to close on January 9, 2024, subject to the fulfillment of customary conditions. This strategic financial move is set to drive Kymera’s programs forward while positioning the company for sustained success in revolutionizing the treatment landscape through targeted protein degradation.
With the successful completion of this public offering, Kymera’s year-to-date performance has been impressive, boasting a growth of 7.38%. As the company continues to achieve significant milestones and advance its innovative therapies, its prospects are exceedingly bright.
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