Kymera Therapeutics Announces Pricing of Upsized Public Offering of Common Stock

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR) announced the pricing of its public offering of 4,755,000 shares at $47.00 per share, raising approximately $223.5 million in gross proceeds. All shares are offered by Kymera, with underwriters granted a 30-day option to purchase an additional 713,250 shares. The offering is expected to close on July 6, 2021, pending customary conditions. Morgan Stanley, J.P. Morgan, Cowen, and Guggenheim Securities are acting as joint book-running managers for the offering.

Positive

• Gross proceeds of approximately $223.5 million could fund further research and development initiatives.
• The upsized offering demonstrates strong investor interest in Kymera's innovative biopharmaceutical approach.

Negative

• Potential stock dilution from the offering, which may affect existing shareholders.
• Market uncertainty regarding the biopharmaceutical sector's performance and potential risks associated with clinical trials.

WATERTOWN, Mass., June 30, 2021 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing targeted protein degradation to deliver novel small molecule protein degrader medicines, today announced the pricing of its upsized underwritten public offering of 4,755,000 shares of its common stock at a public offering price of $47.00 per share. All shares are being offered by Kymera. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $223.5 million. In addition, Kymera has granted the underwriters a 30-day option to purchase up to an additional 713,250 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on July 6, 2021, subject to the satisfaction of customary closing conditions.

Morgan Stanley, J.P. Morgan, Cowen, and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to the sale of these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”). The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering, when available, may 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 telephone at (866) 803-9204, or via email at prospectus-eq_fi@jpmchase.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attention: Prospectus Department, by telephone at (833) 297-2926; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-5548, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the 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 any such state, province, territory or jurisdiction.

About Kymera Therapeutics
Kymera Therapeutics (Nasdaq: KYMR) is a clinical-stage biopharmaceutical company founded with the mission to discover, develop, and commercialize transformative therapies while leading the evolution of targeted protein degradation, a transformative new approach to address previously intractable disease targets. Kymera’s Pegasus™ platform enables the discovery of novel small molecule degraders designed to harness the body’s natural protein recycling machinery to degrade disease-causing proteins, with a focus on undrugged nodes in validated pathways currently inaccessible with conventional therapeutics. Kymera’s initial programs are IRAK4, IRAKIMiD, and STAT3, each of which addresses high impact targets within the IL-1R/TLR or JAK/STAT pathways, providing the opportunity to treat a broad range of immune-inflammatory diseases, hematologic malignancies, and solid tumors. Kymera’s goal is to be a fully integrated biopharmaceutical company at the forefront of this new class of protein degrader medicines, with a pipeline of novel degrader medicines targeting disease-causing proteins that were previously intractable.

Founded in 2016, Kymera is headquartered in Watertown, Mass. Kymera has been named a “Fierce 15” biotechnology company by FierceBiotech and has been recognized by the Boston Business Journal as one of Boston’s “Best Places to Work.”

Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding Kymera’s expectations regarding the completion and timing of the closing of the offering and the anticipated gross proceeds from the offering. Forward-looking statements are based on Kymera’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions and the completion of the offering, and the risks inherent in biopharmaceutical product development and clinical trials. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Quarterly Report on Form 10-Q for the period ended March 31, 2021 filed on May 6, 2021, as well as discussions of potential risks, uncertainties and other important factors in the final prospectus related to this offering. Forward-looking statements contained in this announcement are made as of this date, and Kymera undertakes no duty to update such information except as required under applicable law.

Contact:
Paul Cox
VP, Investor Relations and Communications
pcox@kymeratx.com
917-754-0207

FAQ

What is the purpose of the KYMR stock offering announced on June 30, 2021?

The offering aims to raise funds for research and development initiatives at Kymera Therapeutics.

How many shares does Kymera Therapeutics plan to offer in its public offering?

Kymera plans to offer 4,755,000 shares, with an option for underwriters to purchase an additional 713,250 shares.

What is the expected closing date for Kymera's public offering?

The offering is expected to close on July 6, 2021, subject to customary closing conditions.

What are the financial implications of the KYMR stock offering for investors?

The offering could lead to stock dilution for existing shareholders but provides substantial funding for future growth.