Terns Announces Pricing of Upsized $650 Million Public Offering

Core Points - Terns Pharmaceuticals, Inc. announced the pricing of its upsized underwritten public offering of 16,250,000 shares at $40.00 per share, aiming for gross proceeds of $650 million [1] - The offering is expected to close on December 11, 2025, subject to customary closing conditions [1] - Terns has granted underwriters a 30-day option to purchase an additional 2,437,500 shares [1] Offering Details - Jefferies, TD Cowen, and Leerink Partners are the lead book-running managers for the offering, with Mizuho, Citizens Capital Markets, and Oppenheimer & Co. as co-managers [2] - A shelf registration statement was filed with the SEC on December 9, 2025, and became effective on the same date [4] Use of Proceeds - The net proceeds from the offering will be used to fund research, clinical trials, development, and manufacturing of key product candidates, including TERN-701, as well as for working capital and general corporate purposes [3][6]