Latham & Watkins Advises the Underwriters in the US$105 Million Public Offering by Chinook Therapeutics

Chinook Therapeutics, Inc. (Nasdaq: KDNY) has announced the pricing of its underwritten public offering of 6,428,572 shares of its common stock at a price to the public of US$14 per share. In addition, and in lieu of common stock, Chinook is offering to certain investors pre-funded warrants to purchase up to an aggregate of 1,071,428 shares of common stock at a purchase price of US$13.9999 per pre-funded warrant, which represents the per share public offering price for the common stock less the US$0.0001 per share exercise price for each such pre-funded warrant. The gross proceeds to Chinook from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Chinook, are expected to be US$105 million. Chinook has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock in connection with the public offering. The offering is expected to close on or about May 27, 2022, subject to the satisfaction of customary closing conditions. All of the securities are being offered by Chinook.

Latham & Watkins LLP represents the underwriters in the offering with a Bay Area-based team led by partners Brian Cuneo and Phillip Stoup, with associates Casey Tong and Chelsi DeTurk. Advice was also provided on tax matters by Bay Area partner Grace Lee, with associate Derek Gumm; on regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsel Betty Pang, with Washington, D.C. associate Chad Jennings; and on intellectual property matters by Bay Area/San Diego partner Christopher Hazuka, with New York associate Arun Mohan.