Crinetics announces $400M common stock offering

Crinetics Pharmaceuticals announced that it intends to offer and sell, subject to market and other conditions, $400M of shares of its common stock in a proposed underwritten public offering. Crinetics intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and investment securities, to fund research and development of its clinical-stage product candidates, other research programs, pre-commercialization activities and other general corporate purposes, which may include, among other things, capital expenditures or working capital. Crinetics may also use a portion of the remaining net proceeds, together with its existing cash, cash equivalents and investment securities, to in-license, acquire, or invest in complementary businesses, technologies, products or assets; however, it has no current commitments or obligations to do so. Leerink Partners and Morgan Stanley are acting as joint bookrunning managers for the proposed offering.