Latham & Watkins Advises Prometheus Biosciences in Upsized IPO

Prometheus Biosciences, Inc., a biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease (IBD), has announced the closing of its initial public offering of 11.5 million shares of common stock, which includes the exercise in full by the underwriters of their option to purchase 1.5 million additional shares, at a public offering price of US$19 per share. All of the shares were offered by Prometheus. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Prometheus, were US$218.5 million. Prometheus' common stock is listed on the Nasdaq Global Select Market under the ticker symbol "RXDX".

Latham & Watkins LLP represented Prometheus in the offering with a corporate deal team led by San Diego partners Cheston Larson, Matt Bush, and Mike Sullivan, with San Diego counsel Chris Geissinger and San Diego associates Alisa Lalana and Briana Goncalves. Advice was also provided on benefits and compensation matters by San Diego partner Holly Bauer, with Chicago associate Victoria Wolfe; and on regulatory matters by Washington, D.C. partner Elizabeth Richards, with Bay Area counsels Betty Pang and Heather Deixler and Washington, D.C. associate Chad Jennings; and on intellectual property matters by Bay Area partner Chris Hazuka, with San Diego associate Robert Yeh.