Karuna Therapeutics Inc. (KRTX) Prices 2.6M Share Offering at $96/Sh
Karuna Therapeutics, Inc. (NASDAQ: KRTX), a clinical-stage biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with disabling and potentially fatal neuropsychiatric disorders and pain, today announced the pricing of its previously announced underwritten public offering of 2,600,000 shares of its common stock at a price to the public of $96.00 per share. The gross proceeds to Karuna from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $250.0 million. The offering is expected to close on November 25, 2019, subject to customary closing conditions. In addition, Karuna has granted the underwriters a 30-day option to purchase an additional 390,000 shares of its common stock, at the public offering price, less the underwriting discounts and commissions.
Goldman Sachs & Co. LLC and Citigroup are acting as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated is also acting as a book-running manager. JMP Securities LLC is acting as lead manager.