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Latham Advises Mineralys Therapeutics on Upsized Initial Public Offering

February 10, 2023
Capital markets team advises on first two biotech IPOs of 2023.

Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone, has announced the pricing of its upsized initial public offering of 12,000,000 shares of common stock at an initial public offering price of US$16.00 per share. All of the shares are being offered by Mineralys. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be US$192.0 million. Shares of Mineralys common stock are expected to begin trading on the Nasdaq Global Select Market on February 10, 2023 under the ticker symbol “MLYS.” The offering is expected to close on February 14, 2023, subject to the satisfaction of customary closing conditions. In addition, Mineralys has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Latham & Watkins LLP advised Mineralys in the offering with a San Diego capital markets team led by partners Cheston Larson and Matt Bush, counsel Anthony Gostanian, with associates Peter Simon, Rachel Staub, and Sterling Swift. Advice was also provided on benefits and compensation matters by San Diego partner Holly Bauer, with Orange County associate Sara Schlau, and Los Angeles associate Morgan Wesner; on intellectual property and licensing matters by Bay Area partner Christopher Hazuka, with San Diego associates Rob Yeh and Kristina Funahashi; and on FDA and regulatory matters by Washington, D.C. partner Elizabeth Richards, Bay Area counsel Betty Pang, and Washington, D.C. counsel Chad Jennings, with San Diego associate Kiera Murphy.

This same capital markets team advised the underwriters in the recently announced Upsized IPO for Structure Therapeutics.