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Investing.com -- Kymera Therapeutics Inc (NASDAQ:KYMR) stock fell 5% after the clinical-stage biopharmaceutical company announced plans for a public offering of $250 million in common stock and pre-funded warrants.
The Massachusetts-based company, which develops oral small molecule degrader medicines for immunological diseases, said it would grant underwriters a 30-day option to purchase up to an additional $37.5 million of shares. The offering includes both common stock and pre-funded warrants to purchase shares, with all securities being sold by Kymera.
Kymera indicated that proceeds from the offering will be used to advance its pipeline of preclinical and clinical degrader programs targeting large patient populations, as well as for working capital and general corporate purposes.
The announcement comes as the company continues to develop its platform of protein degrader therapeutics. Morgan Stanley (NYSE:MS), J.P. Morgan, Jefferies, TD Cowen, and Leerink Partners are serving as joint book-running managers for the offering.
The company noted that the proposed offering remains subject to market and other conditions, with no guarantee regarding its completion or final terms.
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