Terns Pharmaceuticals Sets IPO at 6.25 Million Shares; Sees Pricing at $15-$17 Each
February 01 2021 - 9:24AM
Dow Jones News
By Colin Kellaher
Terns Pharmaceuticals Inc. Monday said it plans to sell 6.25
million shares at between $15 and $17 apiece in its initial public
offering.
At the $16 midpoint of that range, the Foster City, Calif.,
clinical-stage biopharmaceutical company backed by Eli Lilly &
Co. said it expects net proceeds of about $89.5 million, or roughly
$103.5 million if the underwriters exercise their option to buy an
additional 937,500 shares.
Terns said it believes the proceeds, coupled with its existing
resources, will enable it to fund its operating expenses and
capital-spending needs into 2024.
In a filing with the U.S. Securities and Exchange Commission,
Terns said it would have about 23.7 million shares outstanding
after the IPO, assuming exercise of the overallotment option, for a
market capitalization of roughly $379 million at the $16-a-share
pricing midpoint.
Terns said it has applied to list its shares on the Nasdaq
Global Market under the symbol TERN.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 01, 2021 09:09 ET (14:09 GMT)
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