Kymera Therapeutics launches $500 million public stock offering

Kymera Therapeutics Inc. (NASDAQ: KYMR) announced it has commenced an underwritten public offering of $500 million in shares of its common stock. The clinical-stage biopharmaceutical company said all shares in the offering are being sold by Kymera.

The company also plans to grant underwriters a 30-day option to purchase up to an additional $75 million worth of shares at the public offering price, minus underwriting discounts and commissions. The proposed offering remains subject to market and other conditions, with no assurance regarding completion timing or final terms.

Kymera stated it intends to use net proceeds to advance its pipeline of preclinical and clinical degrader programs targeting large patient populations, as well as for working capital and general corporate purposes.

Morgan Stanley, J.P. Morgan, Jefferies, Stifel, Guggenheim Securities and Wells Fargo Securities are serving as joint book-running managers for the offering.

The securities are being offered under an automatically effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on October 31, 2024. The offering will be conducted through a prospectus supplement and accompanying prospectus that are part of the registration statement.

Based in Watertown, Massachusetts, Kymera focuses on developing oral small molecule degrader medicines for immunological diseases using targeted protein degradation technology. The company was founded in 2016 and has advanced what it describes as the first degrader into clinical trials for immunological diseases.

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