03:56 AM EDT, 09/11/2024 (MT Newswires) -- Terns Pharmaceuticals ( TERN ) said Tuesday it has priced a public offering of about 11.9 million common shares at $10.50 per share and pre-funded warrants to purchase 2.4 million common shares at $10.4999 per pre-funded warrant.

Gross proceeds from the offering, expected to close Thursday, are estimated to be about $150.2 million, up from $125 million previously announced.

Underwriters have been granted a 30-day option to buy up to about 2.1 million common shares.

The company said it expects to use the net proceeds to fund research, clinical trials, development and manufacturing of the company's key product candidates, as well as for working capital and general corporate purposes.

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