Latham & Watkins Advises on Turnstone Biologics Corp.’s Initial Public Offering

Turnstone Biologics Corp. (Nasdaq: TSBX), a clinical stage biotechnology company focused on developing new medicines to treat and cure patients with solid tumors, has announced the pricing of its upsized initial public offering of 6,666,667 shares of common stock at a price to the public of US$12.00 per share. All shares of common stock are being offered by Turnstone. The gross proceeds to Turnstone from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Turnstone, are expected to be US$80.0 million. In addition, Turnstone has granted the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares began trading on the Nasdaq Global Market on July 21, 2023 under the symbol TSBX. The offering is expected to close on July 25, 2023, subject to the satisfaction or waiver of customary closing conditions.

Latham & Watkins LLP represented the underwriters in the offering with a New York capital markets team led by partners Nathan Ajiashvili and Salvatore Vanchieri, with associates Christian G. Vazquez, Angel Marcial, and Yulong Li.