Crinetics raises $350M in oversubscribed private placement of 8.33M shares at $42/sh

Crinetics Pharmaceuticals, Inc.

Private placement of 8,333,334 common shares at $42.00/share raises ~$350M gross proceeds.
Oversubscribed placement includes new and existing investors like Adage Capital, Driehaus, EcoR1, Janus Henderson.
Net proceeds to fund R&D of clinical-stage candidates, working capital, and general corporate purposes.
Closing expected March 1, 2024; resale registration statement to be filed within 40 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Crinetics Pharmaceuticals, Inc. entered into Securities Purchase Agreement with certain institutional accredited investors named therein valued at aggregate gross proceeds from the Private Placement of approximately $350 million (effective 2024-02-27).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional accredited investors named therein
Value: aggregate gross proceeds from the Private Placement of approximately $350 million
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, Crinetics Pharmaceuticals, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional accredited investors named therein (the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement (the “Private Placement”) an aggregate of 8,333,334 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $ 42.00 per share.

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Crinetics Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-055935

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