On October 8, 2024, Crinetics Pharmaceuticals, a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, announced the pricing of an upsized underwritten public offering of 10 million shares of its common stock at a price to the public of $50.00 per share. The gross proceeds to Crinetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be $500 million. In addition, Crinetics has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of common stock. Wilson Sonsini Goodrich & Rosati is advising Crinetics on patent matters related to the transaction.

Crinetics intends to use the net proceeds from the 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.

The Wilson Sonsini team that is advising Crinetics on patent matters related to the transaction includes Val Zunic, Mike Hostetler, Uale Taotafa, Tyler Baguley, and Michael Wormald.

For more information, please see Crinetics' news release.