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Latham & Watkins Advises Prometheus Biosciences in Pricing of Public Upsized US$500 Million Offering of Common Stock

December 9, 2022
Firm represents the clinical-stage biotechnology company.

Prometheus Biosciences, Inc. (Nasdaq: RXDX), a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases, has announced the pricing of an underwritten offering of 4,545,455 shares of its common stock at a price to the public of US$110 per share. All of the shares to be sold in the offering are to be sold by Prometheus. The gross proceeds to Prometheus from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be US$500 million. The offering is expected to close on or about December 13, 2022, subject to the satisfaction of customary closing conditions. In addition, Prometheus has granted the underwriters a 30-day option to purchase up to an additional 681,818 shares of common stock.

Latham & Watkins LLP represents Prometheus Biosciences in the transaction with a corporate team led by San Diego partners Cheston Larson and Matt Bush, with associates Briana Goncalves, Giannina Marciano, and Emilie McConnachie.