04:33 AM EDT, 10/09/2024 (MT Newswires) -- (Updates to include recent stock movement in the last paragraph.)

Crinetics Pharmaceuticals ( CRNX ) said late Tuesday it priced a public offering of 10 million common shares at $50 per share for expected gross proceeds of $500 million.

Underwriters have been granted a 30-day option to purchase up to 1.5 million additional shares.

Net proceeds will be used to fund research and development, pre-commercialization activities, general corporate purposes and potential investments.

The offering, which has been upsized from $400 million, is expected to close on or about Thursday, subject to customary closing conditions.

Shares of the company were down slightly during premarket activity on Wednesday.

Price: 51.35, Change: -0.35, Percent Change: -0.68