Crinetics announces $350M common stock offering

Crinetics (CRNX) Pharmaceuticals announced that it intends to offer and sell, subject to market and other conditions, $350M 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 cash, cash equivalents and investment securities, to fund its commercial activities in connection with the launch of PALSONIFY, research and development of its product candidates, other research programs 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, J.P. Morgan, Evercore ISI, Piper Sandler and Cantor are acting as joint bookrunning managers for the proposed offering.