Kymera Therapeutics Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR) announced an underwritten public offering of 4,000,000 shares of common stock, with a potential additional 600,000 shares for underwriters. The offering is subject to market conditions and aims to enhance Kymera's ability to advance its protein degradation therapies. Morgan Stanley, J.P. Morgan, Cowen, and Guggenheim Securities are joint book-running managers. A registration statement is filed with the SEC but not yet effective, and the offering will be made only via a prospectus.

Positive

• Offering of 4,000,000 shares to potentially fund innovative protein degradation therapies.
• Possibility of raising funds through an additional 600,000 shares from underwriters.

Negative

• Dilution risk for existing shareholders due to the public offering.
• Market conditions may affect the completion and pricing of the offering.

WATERTOWN, Mass., June 28, 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 that it has commenced an underwritten public offering of 4,000,000 shares of its common stock. All of the shares are being offered by Kymera. In addition, Kymera intends to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of its common stock.

Morgan Stanley, J.P. Morgan, Cowen, and Guggenheim Securities are acting as joint book-running managers for the proposed offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission (“SEC”) but has not yet become effective. The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the proposed offering may be obtained, when available, 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 commencement of trading of its shares on the Nasdaq Global Market, 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 final prospectus related to the offering to be filed with the Securities and Exchange Commission. 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 Kymera Therapeutics' recent public offering?

Kymera Therapeutics is conducting an underwritten public offering of 4,000,000 shares of its common stock, with an option for an additional 600,000 shares.

What do Kymera's share offerings mean for existing shareholders?

The public offering could lead to dilution of existing shareholders' equity.

Who are managing the public offering for Kymera Therapeutics?

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

When will Kymera's offering be available to investors?

The offering is subject to market conditions and the registration statement has not yet become effective.

What is the purpose of Kymera Therapeutics' stock offering?

The offering is intended to enhance funding for their protein degradation therapies development.