Kezar Announces Pricing of a Public Offering of $46.7 million of Common Stock and Pre-Funded Warrants
SOUTH SAN FRANCISCO, Calif., June 08, 2020 (GLOBE NEWSWIRE) -- Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing novel small molecule therapeutics to treat unmet needs in autoimmune
disease and cancer, today announced the pricing of an underwritten public offering of 7,590,909 shares of its common stock, and to certain investors in lieu thereof, pre-funded warrants to purchase
909,091 shares of its common stock at an exercise price of $0.001 per share. The public offering price of each share of common stock is $5.50 and the public offering price of each pre-funded
warrant is $5.499 per underlying share. In addition, Kezar has granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares of common stock. The offering is expected to
close on June 11, 2020, subject to customary closing conditions.
Jefferies, Cowen and William Blair are acting as joint book-running managers for the offering.
Kezar expects to receive gross proceeds of $46.7 million from the offering, before deducting underwriting discounts and offering expenses. Kezar intends to use the net proceeds from the offering primarily to fund the research and development of its product candidates, acquire or license products or technologies that are complementary to its own, although Kezar has no current plans, commitments or agreements with respect to any acquisitions or licenses as of the date hereof, and for working capital and general corporate purposes.
The securities described above are being offered by Kezar pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”) dated July 3, 2019. A preliminary prospectus supplement relating to the offering is, and a final prospectus supplement related to the offering will be, filed with the SEC and available on the SEC’s website at http://www.sec.gov. Copies of the preliminary and final prospectus supplements relating to the offering may be obtained, when available, by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at Prospectus_Department@Jefferies.com; Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; or William Blair & Company, L.L.C. Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687 or by email at firstname.lastname@example.org.