Kymera Therapeutics slips on pricing upsized $225 mln stock offering

Kymera Therapeutics

20/08/2024 11:12

** Shares of Kymera Therapeutics  KYMR.O  down 4% at $42.77
premarket after overnight follow-on priced
    ** Co late Mon sold ~5.5 mln shares, including ~3.5 mln
pre-funded warrants, at $40.75 for $225 mln gross proceeds
    ** Offering size boosted from $200 mln, priced at 8.5%
discount to stock's last sale
    ** KYMR plans to use net proceeds to advance preclinical and
clinical protein degrader programs, for working capital, and
other uses
    ** With ~61.75 mln shares outstanding, KYMR has ~$2.8 bln
market cap, per LSEG
    ** KYMR on Jul 8 said partner Sanofi  SASY.PA  plans to
expand mid-stage studies for its drug to treat an inflammatory
skin condition and eczema, sending its shares up 23% the next
day
    ** Through Mon, KYMR shares up 75% in 2024 and have more
than doubled over the past year

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))