A group of investors who deliberately keep the name of their lead fund private has just made an unsolicited $150 million financing offer to Kymera Therapeutics.
Proteolytic Biotech conducted a PIPE financing earlier Friday, selling 2.7 million shares at $26 a share, executing a “pre-funding warrant” at just under $26 a share announced that it would purchase an additional 3 million shares.
CEO Nello Mainolfi said: endpoint news The offer was unexpected.
“We weren’t planning on doing this fundraising. In a way… they basically told me they love what you guys are doing and they want to give you more money,” Mynolfi added. .
Kymera said in a statement that the proceeds will support its biotechnology research and development efforts, general purpose and working capital. Beyond that, Minolfi elaborated on how biotech is open to BD deals and collaborations and is on the lookout for potential opportunities. But there are currently no “meaningful” discussions, the CEO noted.
The stock $KYMR was up about 2% in early morning trading and is now at least 10% higher than the funding offer price. Kymera went public with his IPO almost exactly two years before him, raising $173 million in the early stages of the biotech IPO boom.
In a statement, Biotech added that the offering was led by a privately-held “U.S.-based healthcare-focused fund.” The CEO added that it has a policy of not publicly disclosing its name unless necessary. By San Francisco-based biotech. value fund. Other participants include funds and accounts advised by Avoro Capital Advisors, EcoR1 Capital, Redmile Group, Rock Springs Capital, and T. Rowe Price Associates.
Mainolfi also told Endpoint that biotech ended the second quarter with about $480 million in the bank, with the new offer representing nearly a third of biotech’s coffers. Kymera estimates he will be worth nearly $600 million after the sale closes Monday, based on unaudited figures.
He said the funds he has before this funding closes will be enough to sustain the company through early 2025.