Prime Medicine Announces Pricing of Public Offering

Rhea-AI Summary

Prime Medicine (Nasdaq: PRME) has announced the pricing of a public offering of 38,000,000 shares of common stock at $3.30 per share. The biotechnology company expects to raise approximately $125.4 million in gross proceeds before deducting expenses.

The offering includes a notable arrangement with the Cystic Fibrosis Foundation, which will purchase 1,818,181 shares without underwriter commissions. Additionally, underwriters have a 30-day option to purchase up to 5,700,000 additional shares. The offering is expected to close around August 1, 2025, with TD Cowen and BMO Capital Markets serving as joint book-running managers.

Positive

• None.

Negative

• Significant dilution for existing shareholders with 38 million new shares
• Relatively low offering price at $3.30 per share

News Market Reaction

-4.59%

15 alerts

-4.59% News Effect

+3.4% Peak Tracked

-17.5% Trough Tracked

-$27M Valuation Impact

$557M Market Cap

0.4x Rel. Volume

On the day this news was published, PRME declined 4.59%, reflecting a moderate negative market reaction. Argus tracked a peak move of +3.4% during that session. Argus tracked a trough of -17.5% from its starting point during tracking. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $27M from the company's valuation, bringing the market cap to $557M at that time.

Data tracked by StockTitan Argus on the day of publication.

CAMBRIDGE, Mass., July 30, 2025 (GLOBE NEWSWIRE) -- Prime Medicine, Inc. (Nasdaq: PRME), a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, today announced the pricing of an underwritten public offering of 38,000,000 shares of its common stock at a public offering price of $3.30 per share. The underwriters will not receive any discounts or commissions with respect to an aggregate of 1,818,181 shares of common stock sold to the Cystic Fibrosis Foundation. Prime Medicine has also granted the underwriters a 30-day option to purchase up to an additional 5,700,000 shares of its common stock. The gross proceeds to Prime Medicine from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $125.4 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares of common stock in the offering are to be sold by Prime Medicine. The offering is expected to close on or about August 1, 2025, subject to satisfaction of customary closing conditions.

TD Cowen and BMO Capital Markets are acting as joint book-running managers for the offering.

The shares of common stock are being offered by Prime Medicine pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (SEC) on November 3, 2023 and declared effective by the SEC on November 13, 2023 (File No. 333-275321). The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov.

The final prospectus supplement relating to and describing the final terms of the offering will be filed with the SEC and may be obtained, when available, TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846, or by email at TD.ECM_Prospectus@tdsecurities.com; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 West 42nd Street, 32nd Floor, New York, New York 10036, by email at bmoprospectus@bmo.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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 the registration or qualification under the securities laws of any such state or jurisdiction.

About Prime Medicine

Prime Medicine is a leading biotechnology company dedicated to creating and delivering the next generation of gene editing therapies to patients. The Company is deploying its proprietary Prime Editing platform, a versatile, precise and efficient gene editing technology, to develop a new class of differentiated one-time curative genetic therapies. Prime Editors are designed to make only the right edit at the right position within a gene while minimizing unwanted DNA modifications.

Prime Medicine is currently progressing a diversified portfolio of investigational therapeutic programs organized around our core areas of focus: liver, lung, and immunology and oncology. Across each core area, Prime Medicine is focused initially on a set of high value programs, each targeting a disease with well-understood biology and a clearly defined clinical development and regulatory path.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements about Prime Medicine’s beliefs and expectations regarding: the timing and closing of the public offering. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Prime Medicine’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and any of its subsequent filings with the SEC. In addition, any forward-looking statements represent Prime Medicine’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Prime Medicine explicitly disclaims any obligation to update any forward-looking statements subject to any obligations under applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Investor and Media Contacts

Gregory Dearborn
Prime Medicine
857-209-0696
gdearborn@primemedicine.com

Hannah Deresiewicz
Precision AQ
212-362-1200
hannah.deresiewicz@precisionaq.com

FAQ

How much money will Prime Medicine (PRME) raise in its public offering?

Prime Medicine expects to raise approximately $125.4 million in gross proceeds from the offering of 38 million shares at $3.30 per share, before deducting underwriting discounts and expenses.

What is the price per share for Prime Medicine's public offering?

Prime Medicine has priced its public offering at $3.30 per share for 38,000,000 shares of common stock.

How many additional shares can underwriters purchase in Prime Medicine's offering?

Underwriters have a 30-day option to purchase up to an additional 5,700,000 shares of common stock.

What is the Cystic Fibrosis Foundation's involvement in Prime Medicine's offering?

The Cystic Fibrosis Foundation will purchase 1,818,181 shares of common stock, with no underwriter discounts or commissions applied to their portion.

When will Prime Medicine's public offering close?

The offering is expected to close on or about August 1, 2025, subject to customary closing conditions.