FX.co ★ Crinetics Pharma Prices Public Offering Of 10 Mln Shares At $50/Shr

Crinetics Pharmaceuticals, Inc. (CRNX) has announced the pricing of an expanded underwritten public offering of 10 million common shares, each priced at $50.00. The transaction is anticipated to finalize by approximately October 10, 2024.

Additionally, Crinetics has provided the underwriters with a 30-day option to acquire up to an extra 1.5 million common shares. The company projects that the gross proceeds from this offering, prior to the deduction of expenses, will amount to $500.0 million.

The net proceeds from this offering, combined with existing cash, cash equivalents, and investment securities, are intended to support the company's research and development activities, various research programs, pre-commercialization efforts, and other general corporate purposes.