Deal Details
Crinetics Completes $575.0 Million Follow-On Offering
Summary
Crinetics Pharmaceuticals, Inc. (“Crinetics”) (NASDAQ: CRNX) recently completed an upsized underwritten public offering (the “Offering”) of 11,500,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase additional common stock, at a price of $50.00 per share, generating gross proceeds of approximately $575.0 million. Crinetics intends to use the net proceeds from the Offering, together with its existing cash, cash equivalents and investment securities, to fund research and development of its clinical-stage product candidates, other research programs, pre-commercialization activities and other general corporate purposes. Crinetics may also use a portion of the remaining net proceeds to in-license, acquire or invest in complementary businesses, technologies, products or assets.
Baird served as a lead manager on this Offering.
About
Crinetics is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Paltusotine, an investigational, first-in-class, oral somatostatin receptor type 2 (SST2) agonist, is in Phase III clinical development for acromegaly and Phase II clinical development for carcinoid syndrome associated with neuroendocrine tumors. Crinetics is headquartered in San Diego, California.CONTACT US TO LEARN MORE
- Date
- October 2024
- Company
- Crinetics Pharmaceuticals, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Healthcare
- Verticals
-
Biotechnology & Pharmaceuticals
- Target Geography
- North America
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