Kymera Therapeutics Announces Pricing of $250 Million Public Offering

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR), a clinical-stage biopharmaceutical company, has announced the pricing of a $250.8 million public offering of common stock and pre-funded warrants. The company is offering 5,044,500 shares at $44.00 per share and 655,500 pre-funded warrants at $43.9999 each.

The offering includes a 30-day option for underwriters to purchase up to 855,000 additional shares. The proceeds will support Kymera's pipeline of preclinical and clinical degrader programs. The offering is expected to close on June 30, 2025, with Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen, and Leerink Partners acting as joint book-running managers.

Positive

• None.

Negative

• Potential dilution for existing shareholders
• Additional shares may be issued through underwriters' option and pre-funded warrants

Insights

Biotech Investment Analyst

Kymera's $250.8M offering strengthens its financial position to advance its novel protein degrader pipeline for immunological diseases.

Kymera Therapeutics has priced a $250.8 million public offering through a combination of 5,044,500 common shares at $44.00 per share and 655,500 pre-funded warrants at $43.9999 each. This significant capital raise provides substantial runway for the clinical-stage biopharmaceutical company focused on developing protein degrader medicines for immunological diseases.

The offering structure is noteworthy - including both common stock and pre-funded warrants (with a nominal $0.0001 exercise price) gives certain investors flexibility in their investment approach. The company has also granted underwriters a 30-day option to purchase up to 855,000 additional shares, potentially increasing the total raise.

This financing comes at a critical time as Kymera advances its pipeline of degrader programs targeting immunological conditions with large patient populations. The capital strengthens Kymera's balance sheet, extending its operational runway to progress both clinical and preclinical programs. The impressive syndicate of underwriters (Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen, and Leerink Partners) signals strong institutional support for Kymera's technology platform.

The pricing at $44.00 per share provides a clear market valuation benchmark and the successful raise demonstrates investor confidence in Kymera's novel approach to protein degradation. With this additional capital, Kymera is better positioned to advance its pipeline candidates through clinical development milestones without immediate financing pressure.

WATERTOWN, Mass., June 26, 2025 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing a new class of oral small molecule degrader medicines for immunological diseases, today announced the pricing of its underwritten public offering of $250.8 million of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. Kymera is selling 5,044,500 shares of common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase 655,500 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of $44.00 per share and the pre-funded warrants are being sold at a public offering price of $43.9999 per pre-funded warrant, which represents the per share public offering price of each share of common stock, less the $0.0001 per share exercise price for each pre-funded warrant. In addition, Kymera has granted the underwriters a 30-day option to purchase up to an additional 855,000 shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The gross proceeds to Kymera from the offering are expected to be approximately $250.8 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Kymera, excluding the exercise of any pre-funded warrants and assuming no exercise of the underwriters’ option to purchase additional shares. All of the securities being sold in this offering are being offered by Kymera. The offering is expected to close on June 30, 2025, subject to the satisfaction of customary closing conditions.

Kymera intends to use the net proceeds from the offering to continue to advance its pipeline of preclinical and clinical degrader programs that are designed to address large patient populations with significant need and clear commercial opportunity, and for working capital and other general corporate purposes.

Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink Partners are acting as joint book-running managers for the offering.

The securities described above are being offered pursuant to an automatically effective shelf registration statement on Form S-3 (No. 333-282912) that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 31, 2024. This offering is being made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement.

A final prospectus supplement related to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and an accompanying prospectus related to the offering may also be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (833) 297-2926 or by email at TD.ECM_Prospectus@tdsecurities.com; and Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About Kymera Therapeutics
Kymera is a clinical-stage biotechnology company pioneering the field of targeted protein degradation (TPD) to develop medicines that address critical health problems and have the potential to dramatically improve patients’ lives. Kymera is deploying TPD to address disease targets and pathways inaccessible with conventional therapeutics. Having advanced the first degrader into the clinic for immunological diseases, Kymera is focused on building an industry-leading pipeline of oral small molecule degraders to provide a new generation of convenient, highly effective therapies for patients with these conditions. Founded in 2016, Kymera has been recognized as one of Boston’s top workplaces for the past several years.

Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, and include, but are not limited to, statements regarding the expected gross proceeds from the offering, completion and timing of the public offering and the anticipated use of proceeds from the offering. Any forward-looking statements are based on Kymera’s current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties that could cause actual outcomes and results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Kymera’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Kymera’s Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as in the prospectus supplement related to the public offering. Forward-looking statements contained in this press release are based on information available to Kymera as of the date hereof and are made only as of the date of this release. Kymera undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Kymera’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Kymera.

Investor & Media Contact: 

Justine Koenigsberg
Vice President, Investor Relations
investors@kymeratx.com
media@kymeratx.com 
857-285-5300

FAQ

What is the size and price of Kymera Therapeutics' (KYMR) public offering in June 2025?

Kymera is offering 5,044,500 shares at $44.00 per share and 655,500 pre-funded warrants at $43.9999, totaling approximately $250.8 million in gross proceeds.

How will Kymera Therapeutics use the proceeds from its 2025 public offering?

Kymera will use the proceeds to advance its pipeline of preclinical and clinical degrader programs and for working capital and general corporate purposes.

When will Kymera's (KYMR) 2025 public offering close?

The offering is expected to close on June 30, 2025, subject to customary closing conditions.

Which investment banks are managing Kymera's 2025 public offering?

Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen, and Leerink Partners are acting as joint book-running managers for the offering.

What options do the underwriters have in Kymera's public offering?

Underwriters have a 30-day option to purchase up to 855,000 additional shares at the public offering price, less underwriting discounts and commissions.