** Kymera Therapeutics' KYMR.O shares off 5.2% at $44.04 after hours as co looks to raise equity

** Watertown, Massachusetts-based firm commences $250 mln stock offering

** It intends to use net proceeds to advance its pipeline of degrader medicines for immunological diseases

** Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink joint book-running managers for the offering

** Earlier Weds, Gilead Sciences GILD.O inked up to $750 mln cancer drug deal with Kymera

** Separately, Kymera said Sanofi SASY.PA to advance its KT-485 drug candidate into clinical testing, and co is eligible for up to $975 mln in collaboration milestone payments

** KYMR shares finished regular session on Weds down 1.4% at $46.47

** Co has 65.1 mln shares outstanding for $3 bln market cap

** Through Weds close, shares up 70% this quarter, putting them up 15.5% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))