By Colin Kellaher

Kymera Therapeutics Inc. on Monday said it expects to sell 7.36 million shares at between $16 and $18 apiece in its planned initial public offering.

At the $17 midpoint of that range, the Watertown, Mass., biopharmaceutical company said it expects net proceeds of about $113.7 million, or roughly $131.1 million if the underwriters exercise an option to buy an additional 1.1 million shares.

Kymera, which is developing small-molecule therapeutics that degrade disease-causing proteins by harnessing the body's own natural protein-degradation system, said it will use the IPO proceeds to fund development efforts.

Kymera said Vertex Pharmaceuticals Inc., which currently owns a roughly 7.3% stake, has agreed to buy 498,419 shares in a concurrent private placement.

Kymera said it has applied to list its shares on the Nasdaq Global Market under the symbol KYMR.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 17, 2020 07:09 ET (11:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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