Relay Therapeutics Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Relay Therapeutics (Nasdaq: RLAY) has initiated a public offering of $350 million in common stock, with a 30-day option for underwriters to purchase an additional 15%. The share sale is underwritten by Goldman Sachs, J.P. Morgan, Cowen, and Guggenheim Securities. The offering is subject to market conditions, with no guarantee on completion or terms. This initiative aims to support Relay's innovative drug discovery efforts using its Dynamo™ platform in oncology and genetic diseases.

Positive

• Public offering of $350 million to strengthen capital.
• Potential additional $52.5 million if underwriters exercise their option.
• Support for Relay's advanced drug discovery technologies.

Negative

• Risk of shareholder dilution from the stock offering.
• Dependence on favorable market conditions for successful completion.

CAMBRIDGE, Mass., Oct. 11, 2021 (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 that it has commenced an underwritten public offering of $350 million of shares of its common stock. Relay Therapeutics also intends to grant the underwriters a 30-day option to purchase up to an additional fifteen percent (15%) of the shares of common stock offered in the public offering. All of the shares in the proposed offering are to be sold by Relay Therapeutics.

Goldman Sachs & Co. LLC, J.P. Morgan, Cowen and Guggenheim Securities are acting as joint book-running managers for the proposed offering. The offering is subject to market and other 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.

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 will be filed with the SEC and may be obtained, when available, from: Goldman Sachs & Co. LLC, by mail at 200 West Street, New York, NY 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.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 by email at prospectus-eq_fi@jpmorganchase.com; Cowen and Company, LLC, Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com, or by telephone at (833) 297-2926; Guggenheim Securities, LLC, Attn: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.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 (Nasdaq: RLAY) is a clinical-stage precision medicines company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients. Relay Therapeutics is the first of a new breed of biotech created at the intersection of disparate technologies. Relay Therapeutics’ Dynamo™ platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable. Relay Therapeutics’ initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease.

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 Relay’s 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’s 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’s other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement and accompanying prospectus related to the proposed public offering to be filed with the SEC. Any forward-looking statements contained in this press release represent Relay’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Relay explicitly disclaims any obligation to update any forward-looking statements, except as required by law.

Contact:
Pete Rahmer
Senior Vice President, Corporate Affairs and Investor Relations
617-322-0715
prahmer@relaytx.com

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

FAQ

What is the purpose of Relay Therapeutics' $350 million public offering?

The offering aims to strengthen Relay Therapeutics' capital resources to enhance its drug discovery efforts.

Who are the underwriters for Relay Therapeutics' stock offering?

The underwriters include Goldman Sachs, J.P. Morgan, Cowen, and Guggenheim Securities.

What is the potential dilution effect of Relay Therapeutics' stock offering?

The offering may lead to shareholder dilution depending on the number of shares sold.

When was Relay Therapeutics' public offering announced?

The public offering was announced on October 11, 2021.

How much additional stock can underwriters purchase in Relay's offering?

Underwriters have an option to purchase an additional 15% of the shares offered.