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Relay Therapeutics Announces Pricing of Public Offering of Common Stock

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Relay Therapeutics (Nasdaq: RLAY) has announced the pricing of a public offering of 28,571,429 shares of its common stock at $7.00 per share. The company expects to raise approximately $200 million in gross proceeds, before deducting underwriting discounts and expenses. Underwriters have a 30-day option to purchase up to an additional 4,285,714 shares. The offering is expected to close around September 12, 2024, subject to customary conditions. Goldman Sachs & Co. , TD Cowen, Stifel, and BofA Securities are acting as joint book-running managers, with Raymond James as co-manager.

Relay Therapeutics (Nasdaq: RLAY) ha annunciato il prezzo di un'offerta pubblica di 28.571.429 azioni del suo capitale comune a 7,00 dollari per azione. L'azienda prevede di raccogliere circa 200 milioni di dollari di proventi lordi, prima di detrazioni per sconti di sottoscrizione e spese. I sottoscrittori hanno un'opzione di 30 giorni per acquistare fino a un ulteriore 4.285.714 azioni. Si prevede che l'offerta si chiuda intorno al 12 settembre 2024, soggetta a condizioni consuete. Goldman Sachs & Co., TD Cowen, Stifel e BofA Securities stanno agendo come manager di book-running congiunto, con Raymond James come co-manager.

Relay Therapeutics (Nasdaq: RLAY) ha anunciado el precio de una oferta pública de 28.571.429 acciones de su capital común a 7,00 dólares por acción. La compañía espera recaudar aproximadamente 200 millones de dólares en ingresos brutos, antes de deducir descuentos y gastos de suscripción. Los suscriptores tienen una opción de 30 días para comprar hasta 4.285.714 acciones adicionales. Se espera que la oferta cierre alrededor del 12 de septiembre de 2024, sujeta a condiciones habituales. Goldman Sachs & Co., TD Cowen, Stifel y BofA Securities actúan como administradores conjuntos de libros, con Raymond James como co-administrador.

릴레이 테라퓨틱스 (Nasdaq: RLAY)는 일반 주식 28,571,429주에 대한 공모 가격을 주당 7.00달러로 발표했습니다. 이 회사는 인수 수수료와 비용을 공제하기 전 약 2억 달러의 총 수익을 올릴 것으로 예상합니다. 인수인들은 추가로 4,285,714주를 구매할 수 있는 30일 옵션을 가지고 있습니다. 이 공모는 2024년 9월 12일 경에 종료될 것으로 예상되며, 일반적인 조건이 적용됩니다. 골드만삭스 & Co., TD 카우엔, 스티펠 및 BofA 증권이 공동 북런닝 매니저로 활동하며, 레이먼드 제임스가 공동 매니저로 있습니다.

Relay Therapeutics (Nasdaq: RLAY) a annoncé le prix d'une offre publique de 28.571.429 actions de son capital ordinaire à 7,00 dollars par action. L'entreprise s'attend à lever environ 200 millions de dollars en recettes brutes, avant déduction des remises et des frais de souscription. Les souscripteurs disposent d'une option de 30 jours pour acheter jusqu'à 4.285.714 actions supplémentaires. On prévoit que l'offre se clôturera aux alentours du 12 septembre 2024, sous réserve des conditions habituelles. Goldman Sachs & Co., TD Cowen, Stifel et BofA Securities agissent en tant que gestionnaires de livre principaux, avec Raymond James en tant que co-gestionnaire.

Relay Therapeutics (Nasdaq: RLAY) hat den Preis eines öffentlichen Angebots von 28.571.429 Aktien ihrer Stammaktien zu 7,00 USD pro Aktie bekannt gegeben. Das Unternehmen erwartet, rund 200 Millionen USD an Bruttoerlösen vor Abzug von Underwriting-Rabatten und Kosten zu erzielen. Die Underwriter haben eine 30-tägige Option, bis zu 4.285.714 Aktien zu kaufen. Das Angebot soll voraussichtlich am 12. September 2024 abgeschlossen werden, vorbehaltlich üblicher Bedingungen. Goldman Sachs & Co., TD Cowen, Stifel und BofA Securities fungieren als gemeinschaftliche Book-Running-Manager, mit Raymond James als Co-Manager.

Positive
  • Expected to raise approximately $200 million in gross proceeds
  • Underwriters have option to purchase additional 4,285,714 shares, potentially increasing proceeds
  • Offering backed by reputable financial institutions as joint book-running managers
Negative
  • Potential dilution of existing shareholders' ownership
  • Stock price set at $7.00 per share, which may be below recent trading prices
  • Increased share count may put downward pressure on stock price

Insights

Relay Therapeutics' $200 million public offering is a significant move to bolster its financial position. Pricing 28,571,429 shares at $7.00 each suggests investor confidence, albeit at a discount to recent trading prices. This $200 million cash infusion, potentially rising to $230 million if overallotment is exercised, substantially strengthens the company's balance sheet. For a clinical-stage biotech, this capital is important for advancing its pipeline and supporting ongoing R&D efforts. However, the 20% share dilution is a consideration for existing shareholders. The involvement of major underwriters like Goldman Sachs and BofA Securities adds credibility to the offering. Overall, this move positions Relay Therapeutics well for future growth, though investors should monitor how effectively the company deploys this capital in its precision medicine initiatives.

This public offering underscores the capital-intensive nature of biotech R&D, particularly in precision medicine. Relay Therapeutics' focus on combining computational and experimental technologies in drug discovery is innovative but requires substantial funding. The $200 million raised will likely accelerate their pipeline development, potentially bringing novel therapies to market faster. However, it's important to note that success in this field is not guaranteed. Investors should closely watch for upcoming clinical trial results and regulatory milestones. The company's ability to translate its technological approach into successful drug candidates will be key. This funding round buys Relay more runway, but the true test will be in the clinical outcomes and potential commercialization of their precision medicine approach.

The pricing of Relay Therapeutics' offering at $7.00 per share reflects current market conditions and investor sentiment towards biotech stocks. This price point, while lower than recent trading levels, still managed to attract significant capital, indicating continued interest in the precision medicine sector. The total raise of $200 million is substantial for a company of Relay's size and stage. It's worth noting the timing of this offering, coming amidst volatile market conditions, suggesting the company's management saw a window of opportunity. The overallotment option could provide an additional $30 million, offering flexibility. Investors should monitor how this capital raise impacts Relay's valuation and compare it to peers in the precision medicine space to gauge relative market positioning and potential future performance.

CAMBRIDGE, Mass., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies, announced today the pricing of an underwritten public offering of 28,571,429 shares of its common stock at a public offering price of $7.00 per share. Relay Therapeutics also granted the underwriters a 30-day option to purchase up to an additional 4,285,714 shares of its common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $200 million, excluding any exercise of the underwriters' option to purchase additional shares. All of the shares in the offering are to be sold by Relay Therapeutics.

Goldman Sachs & Co. LLC, TD Cowen, Stifel and BofA Securities are acting as joint book-running managers for the offering. Raymond James is acting as co-manager. The offering is expected to close on or about September 12, 2024, subject to customary closing conditions.

The shares of common stock are being offered by Relay Therapeutics pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on September 9, 2024. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may be obtained, when available, from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at Prospectus-ny@ny.email.gs.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; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at 415-364-2720 or by email at syndprospectus@stifel.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state 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 or jurisdiction.

About Relay Therapeutics

Relay Therapeutics is a clinical-stage precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients. As the first of a new breed of biotech created at the intersection of complementary techniques and technologies, Relay Therapeutics aims to push the boundaries of what’s possible in drug discovery. Its Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. Relay Therapeutics’ initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the closing of Relay Therapeutics’ anticipated public offering. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release, such as the intended offering terms, are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Relay Therapeutics’ most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Relay Therapeutics’ other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement and accompanying prospectus related to the public offering filed with the SEC. Any forward-looking statements contained in this press release represent Relay Therapeutics’ views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Relay Therapeutics explicitly disclaims any obligation to update any forward-looking statements, except as required by law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Contact:
Megan Goulart
617-545-5526
mgoulart@relaytx.com

Media:
Dan Budwick
1AB
973-271-6085
dan@1abmedia.com 


FAQ

How many shares is Relay Therapeutics (RLAY) offering in its public offering?

Relay Therapeutics is offering 28,571,429 shares of its common stock in the public offering, with an additional option for underwriters to purchase up to 4,285,714 shares.

What is the price per share for Relay Therapeutics' (RLAY) public offering?

The public offering price is set at $7.00 per share of Relay Therapeutics common stock.

How much does Relay Therapeutics (RLAY) expect to raise from this public offering?

Relay Therapeutics expects to raise approximately $200 million in gross proceeds from the offering, before deducting underwriting discounts and expenses.

When is the expected closing date for Relay Therapeutics' (RLAY) public offering?

The offering is expected to close on or about September 12, 2024, subject to customary closing conditions.

Who are the underwriters for Relay Therapeutics' (RLAY) public offering?

Goldman Sachs & Co. , TD Cowen, Stifel, and BofA Securities are acting as joint book-running managers, with Raymond James as co-manager for the offering.

Relay Therapeutics, Inc.

NASDAQ:RLAY

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RLAY Stock Data

956.09M
162.46M
1.76%
80.28%
7.3%
Biotechnology
Biological Products, (no Disgnostic Substances)
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United States of America
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