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nnTerns Pharmaceuticals Successfully Closes Public Offering, Raising Approximately $172.7 Million for Advancements in Oncology and Obesity Therapeuticsnn
In a noteworthy advancement for the biopharmaceutical landscape, Terns Pharmaceuticals, Inc. (Nasdaq: TERN), a clinical-stage powerhouse dedicated to pioneering small-molecule product candidates targeting serious diseases, including oncology and obesity, has confirmed the successful closing of its previously announced underwritten public offering. The company achieved this funding milestone on September 12, 2024, by offering 14,064,048 shares of its common stock at a public offering price of $10.50 per share. This total includes 2,145,000 shares sold following the underwritersn exercise of their full option to purchase additional shares.
In addition to the common stock, Terns offered pre-funded warrants enabling certain investors to acquire an additional 2,380,952 shares at a price of $10.4999 per pre-funded warrant. This strategic option allowed the company to broaden its capital-raising efforts while providing investors with flexibility in their investment approach. Consequently, the gross proceeds garnered from this public offering are approximately $172.7 million, pre-deduction of underwriting discounts, commissions, and other associated expenses.
Earlier in September, on the 9th, Terns Pharmaceuticals had already positioned itself to generate significant funds through its proposed public offering, anticipating lead capital of around $125 million. This proactive move was designed to bolster the company’s ongoing research and development initiatives, particularly in the oncology and obesity sectors, where there remains a dire need for innovative therapeutics. The offering also included an option for underwriters to acquire an additional $18.75 million in shares, a tactic often employed to gauge investor interest and ensure robust liquidity for future endeavors.
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