Terns Pharmaceuticals announces $400 million public offering

Terns Pharmaceuticals Inc. (NASDAQ: TERN) announced it commenced an underwritten public offering of $400 million in common stock shares and pre-funded warrants. The clinical-stage oncology company also granted underwriters a 30-day option to purchase up to an additional $60 million of common stock at the public offering price.

Jefferies, TD Cowen and Leerink Partners serve as lead book-running managers for the offering, while Mizuho, Citizens Capital Markets and Oppenheimer & Co. act as co-managers. The offering remains subject to market conditions with no assurance regarding completion, timing, or final terms.

The company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission on December 9, which became effective immediately. All securities will be sold by Terns directly.

Terns plans to use net proceeds to fund research, clinical trials, development and manufacturing of product candidates, including TERN-701. The funds will also support initial commercial launch preparation activities for TERN-701 and general corporate purposes.

The Foster City, California-based company develops oncology treatments, with TERN-701 as its lead program targeting chronic myeloid leukemia as an allosteric BCR-ABL inhibitor.

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