Mineralys Therapeutics Inc. (NASDAQ:MLYS) is one of the best young stocks to invest in according to hedge funds. On June 3, Mineralys Therapeutics announced the pricing of an underwritten public offering of ~5.66 million shares of its common stock at $26.50 per share. The company expects to generate ~$150 million in gross proceeds from the offering, which is scheduled to close on or about June 4, subject to customary closing conditions.
Mineralys Therapeutics Inc. (NASDAQ:MLYS) plans to use these net proceeds to fund a significant portion of a $200 million upfront payment required to repurchase royalty obligations under its existing license agreement with Tanabe Pharma Corporation. This move follows the company’s separate announcement earlier today of a new $500 million committed debt facility with funds managed by Pharmakon Advisors, LP.
BofA Securities, Goldman Sachs & Co. LLC, and Evercore ISI are serving as the joint book-running managers for the transaction. The offering is being conducted under an existing shelf registration statement previously filed with the US Securities and Exchange Commission.
Mineralys Therapeutics Inc. (NASDAQ:MLYS) develops therapeutics targeting illnesses caused by dysregulated aldosterone. It is working to develop lorundrostat, an aldosterone synthase inhibitor for cardiorenal conditions. These include chronic kidney disease, hypertension, and obstructive sleep apnea.
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