Biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and non-alcoholic steatohepatitis, Terns Pharmaceuticals ( NASDAQ: TERN ) prices its underwritten public offering of 10.35M shares at a public offering price of $7.25 per share.
Gross proceeds are expected to be ~$75M.
Underwriters' a 30-day option to purchase up to an additional 1,552,500 shares.
The offering is expected to close on December 23, 2022.
Net proceeds from the proposed offering, together with its existing cash and cash equivalents, to advance its clinical-stage development pipeline, including the TERN-501, TERN-701 and TERN-601 clinical programs and for working capital and general corporate purposes.
Stock tumbles 7.7% during after hours.
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Terns Pharmaceuticals slumps 7.7% on pricing $75M offering