Terns Pharmaceuticals announces $125M common stock offering

Terns Pharmaceuticals announced that it has commenced a proposed underwritten public offering of $125M of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. Terns intends to use the net proceeds from the proposed offering to fund research, clinical trials, development and manufacturing of the Company’s key product candidates, including TERN-701, TERN-601 and other programs, including Terns’ TERN-800 series, and for working capital and general corporate purposes. Jefferies and TD Cowen are acting as lead book-running managers for the proposed offering. UBS Investment Bank is also acting as a bookrunner for the proposed offering.