Kymera Therapeutics Announces Closing of Upsized $225 Million Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR) has successfully closed its upsized public offering, raising $258.75 million in gross proceeds. The offering included 2,830,533 shares of common stock at $40.75 per share and pre-funded warrants for 3,519,159 shares at $40.7499 per warrant. The underwriters fully exercised their option to purchase additional shares. Morgan Stanley, J.P. Morgan, TD Cowen, and Stifel acted as joint book-running managers for the offering. The securities were offered through an automatically effective shelf registration statement filed with the SEC on October 1, 2021.

Positive

• Raised $258.75 million in gross proceeds from the public offering
• Upsized offering with full exercise of underwriters' option to purchase additional shares
• Successful placement of both common stock and pre-funded warrants

Negative

• Potential dilution of existing shareholders due to the issuance of new shares
• Increased expenses related to underwriting discounts, commissions, and offering costs

WATERTOWN, Mass., Aug. 21, 2024 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing a new class of small molecule medicines using targeted protein degradation (TPD), today announced the closing of its upsized underwritten public offering of $225 million of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. Kymera sold and issued 2,830,533 shares of its common stock, which includes 828,220 shares sold and issued upon the full exercise by the underwriters of their option to purchase additional shares of common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase 3,519,159 shares of its common stock in the offering. The shares of common stock were sold at a public offering price of $40.75 per share and the pre-funded warrants were sold at a public offering price of $40.7499 per pre-funded warrant, which represents the per share public offering price of each share of common stock, less the $0.0001 per share exercise price for each pre-funded warrant. The gross proceeds to Kymera from the offering were approximately $258.75 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Kymera.

Morgan Stanley, J.P. Morgan, TD Cowen and Stifel acted as joint book-running managers for the offering.

The securities described above were offered pursuant to an automatically effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on October 1, 2021. The offering was made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement. Copies of the final prospectus supplement related to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and an accompanying prospectus related to the offering may also be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846, or by email at TD.ECM_Prospectus@tdsecurities.com; and Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About Kymera Therapeutics
Kymera Therapeutics (Nasdaq: KYMR) is a clinical-stage biotechnology company pioneering the field of targeted protein degradation (TPD) to develop medicines that address critical health problems and have the potential to dramatically improve patients’ lives. Kymera is deploying TPD to address disease targets and pathways inaccessible with conventional therapeutics. Having advanced the first degrader into the clinic for immunological diseases, Kymera is focused on delivering oral small molecule degraders to provide a new generation of convenient, highly effective therapies for patients with these conditions. Kymera is also progressing degrader oncology programs that target undrugged or poorly drugged proteins to create new ways to fight cancer. Founded in 2016, Kymera has been recognized as one of Boston’s top workplaces for the past several years.

Investor and Media Contact: 

Justine Koenigsberg
Vice President, Investor Relations
investors@kymeratx.com
media@kymeratx.com 
857-285-5300 

FAQ

How much did Kymera Therapeutics (KYMR) raise in its public offering?

Kymera Therapeutics raised approximately $258.75 million in gross proceeds from its upsized public offering.

What was the price per share for Kymera Therapeutics (KYMR) common stock in the offering?

The common stock was sold at a public offering price of $40.75 per share.

How many shares of common stock did Kymera Therapeutics (KYMR) sell in the offering?

Kymera Therapeutics sold and issued 2,830,533 shares of its common stock, including 828,220 shares from the full exercise of the underwriters' option.

Did Kymera Therapeutics (KYMR) offer any other securities besides common stock?

Yes, Kymera also offered pre-funded warrants to purchase 3,519,159 shares of its common stock at $40.7499 per warrant.