Kymera Therapeutics, a preclinical biotech developing small molecule protein degrader therapies for inflammatory diseases, announced terms for its IPO on Monday.
The Watertown, MA-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. The company plans to issue an additional 0.5 million shares ($8.5 million at the proposed midpoint) in a concurrent private placement to insider Vertex Pharmaceuticals. At the midpoint of the proposed range, Kymera Therapeutics would command a fully diluted market value of $772 million.
The company uses its proprietary targeted protein degradation platform, Pegasus, to discover highly selective small molecule protein degraders with potent activity against disease-causing proteins throughout the body. Kymera expects to file an IND for KT-474, an orally bioavailable IRAK4 degrader, in the 1H 2021. If approved, the company will initiate a Phase 1 trial in adult healthy volunteers and hidradenitis suppurativa and atopic dermatitis patients.
Kymera Therapeutics was founded in 2015 and booked $9 million in collaboration revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol KYMR. Morgan Stanley, BofA Securities, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of August 17, 2020.
