NEW YORK – Relay Therapeutics on Wednesday said it has priced 13,207,547 shares of its common stock at $26.50 per share in an underwritten public offering.
The Cambridge, Massachusetts-based company is also offering underwriters a 30-day option to purchase an additional 1,981,132 shares of its common stock. Relay is expected to raise around $350 million in the public offering. Gross proceeds could total $402.5 million if underwriters exercise the option to buy additional shares, the company said in a filing with the US Securities and Exchange Commission. Goldman Sachs, J.P. Morgan, Cowen, and Guggenheim Securities are acting as joint bookrunning managers for the offering, which is expected to close Oct. 15.
Relay discovers precision cancer drugs using a machine learning approach that models the motion of proteins. The company will use the funds from this offering to advance research and clinical development of pipeline candidates and for other corporate purposes.
Relay's pipeline includes a SHP2 inhibitor, a FGFR2 inhibitor, and a PI3K-alpha inhibitor. Last year, the company began the first human trials of its FGFR2 inhibitor in FGFR2-altered intrahepatic cholangiocarcinoma and other advanced solid tumors. Last December, Genentech licensed Relay's SHP2 inhibitor in a deal worth up to $100 million. In the deal, Genentech took over worldwide development and commercialization of the SHP2 inhibitor.
Relay went public on the Nasdaq Global Market in July 2020, trading under the symbol "RLAY." The gross proceeds from its IPO were $460 million.