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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eli Lilly and Co | NYSE:LLY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-15.91 | -2.10% | 740.00 | 745.00 | 730.34 | 743.10 | 4,593,881 | 01:00:00 |
By Colin Kellaher
Terns Pharmaceuticals Inc. Monday said it plans to sell 6.25 million shares at between $15 and $17 apiece in its initial public offering.
At the $16 midpoint of that range, the Foster City, Calif., clinical-stage biopharmaceutical company backed by Eli Lilly & Co. said it expects net proceeds of about $89.5 million, or roughly $103.5 million if the underwriters exercise their option to buy an additional 937,500 shares.
Terns said it believes the proceeds, coupled with its existing resources, will enable it to fund its operating expenses and capital-spending needs into 2024.
In a filing with the U.S. Securities and Exchange Commission, Terns said it would have about 23.7 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a market capitalization of roughly $379 million at the $16-a-share pricing midpoint.
Terns said it has applied to list its shares on the Nasdaq Global Market under the symbol TERN.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 01, 2021 09:09 ET (14:09 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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