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Kezar Announces Pricing Of $49.4M Public Offering Of Common Stock And Pre-Funded Warrants

Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing novel small molecule therapeutics to treat unmet needs in autoimmune disease and cancer, todayKezar Life Sciences, Inc. (Nasdaq: 

Benzinga · 01/31/2020 13:17

Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing novel small molecule therapeutics to treat unmet needs in autoimmune disease and cancer, today

Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing novel small molecule therapeutics to treat unmet needs in autoimmune disease and cancer, today announced the pricing of an underwritten public offering of 16,115,385 shares of its common stock, and to certain investors in lieu thereof, pre-funded warrants to purchase 2,884,615 shares of its common stock at an exercise price of $0.001 per share. The public offering price of each share of common stock is $2.60 and the public offering price of each pre-funded warrant is $2.599. In addition, Kezar has granted the underwriters a 30-day option to purchase additional shares of common stock of up to 15% of the aggregate number of shares of common stock plus the shares of common stock underlying the pre-funded warrants being offered in the offering. The offering is expected to close on February 4, 2020, subject to customary closing conditions.

Cowen, Wells Fargo Securities and William Blair are acting as joint book-running managers for the offering.

Kezar expects to receive gross proceeds of $49.4 million from the offering, before deducting underwriting discounts and offering expenses. Kezar intends to use the net proceeds from the offering primarily to fund the research and development of its product candidates, acquire or license products or technologies that are complementary to its own, although Kezar has no current plans, commitments or agreements with respect to any acquisitions or licenses as of the date hereof, and for working capital and general corporate purposes.