Investing.com — Relay Therapeutics Inc () shares fell 2% in after-hours trading Tuesday after the company announced plans to raise $175 million through an underwritten public offering of common stock.

The clinical-stage precision medicine company said all shares in the proposed offering will be sold by Relay Therapeutics. The company also intends to grant underwriters a 30-day option to purchase up to an additional 15% of the shares offered.

Jefferies, TD Cowen, Goldman Sachs & Co. LLC and Guggenheim Securities are serving as joint book-running managers for the proposed offering, with Raymond James acting as lead manager.

Relay Therapeutics focuses on developing small molecule therapies for patients with cancer and genetic disease. The offering remains subject to market and other conditions, and there is no assurance regarding whether or when it may be completed, or the final size or terms of the offering.

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