04:45 PM EDT, 09/09/2024 (MT Newswires) -- Terns Pharmaceuticals ( TERN ) said Monday it has started a proposed underwritten public offering of $125 million of shares and pre-funded warrants to buy shares.

The company said it expects to give its underwriters, including Jefferies and TD Cowen, a 30-day option to buy up to an additional $18.75 million of shares.

The clinical-stage drugmaker said it plans to use the proceeds for research, clinical trials, development and manufacturing of its key product candidates, and for working capital and general corporate purposes.

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