(RTTNews) - Terns Pharmaceuticals, Inc. (TERN), a clinical-stage oncology company, on Tuesday said it has launched a public offering of $400 million in common stock and, for certain investors, pre-funded warrants.
The company also plans to grant underwriters a 30-day option to purchase up to an additional $60 million of shares.
All shares and pre-funded warrants in the offering will be sold by Terns.
Terns said it intends to use the net proceeds to support research, clinical development, and manufacturing related to its key programs, including TERN-701, as well as initial preparations for a potential future commercial launch of TERN-701. Remaining funds will be used for working capital and general corporate purposes.
Jefferies, TD Cowen and Leerink Partners are acting as lead book-running managers.
Terns Pharma shares were down more than 3% in pre-market trading, after closing at $40.23, up 37.02% on Monday.
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