BOSTON--(BUSINESS WIRE)--Karuna Therapeutics, Inc. (Nasdaq: KRTX), a clinical-stage biopharmaceutical company primarily focused on developing novel therapies to address disabling neuropsychiatric conditions, today announced the pricing of its upsized initial public offering of 5,578,124 shares of common stock at a public offering price of $16.00 per share. In addition, Karuna has granted the underwriters a 30-day option to purchase up to 836,718 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions. All the shares are being offered by Karuna. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Karuna, are expected to be $89.2 million, excluding any exercise of the underwriters’ option to purchase additional shares. The shares are expected to begin trading on the Nasdaq Global Market under the ticker symbol “KRTX” on June 28, 2019. The offering is expected to close on July 2, 2019, subject to customary closing conditions.

Goldman Sachs & Co. LLC and Citigroup are acting as joint book-running managers for the offering. Wells Fargo Securities is also serving as a joint book-running manager. Wedbush PacGrow is acting as co-manager.

About Karuna Karuna is an innovative clinical-stage biopharmaceutical company primarily focused on developing novel therapies to address disabling neuropsychiatric conditions characterized by significant unmet medical need. Karuna is currently conducting a Phase 2 clinical trial of its lead product candidate, KarXT (Karuna-Xanomeline-Trospium), for the treatment of acute psychosis in patients with schizophrenia. Karuna also plans to initiate clinical trials of KarXT to evaluate its potential therapeutic benefit in other central nervous system disorders, including psychosis in Alzheimer’s disease, as well as pain.