August 18, 2020
Seres Therapeutics, Inc., a leading microbiome therapeutics platform company developing a novel class of multifunctional bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease, has announced the pricing of an underwritten public offering of 10,500,000 shares of its common stock, at a public offering price of US$21.50 per share, before underwriting discounts and commissions. Seres also granted the underwriters a 30-day option to purchase up to an additional 1,575,000 shares of its common stock on the same terms and conditions. The gross proceeds from the offering, together with the gross proceeds from a substantially concurrent registered direct offering of 959,002 shares of common stock to Société des Produits Nestlé S.A., before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately US$245.7 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares in the offering are to be sold by Seres.
Latham & Watkins represents Seres Therapeutics, Inc. in the offerings with a capital markets team led by partners Peter Handrinos and Wesley Holmes, with associates Jennifer Yoon and Martha Anderson. Advice was also provided on FDA regulatory matters by partner Ben Haas, with associate Chad Jennings; on tax matters by partners Eric Cho and Samuel Weiner, with associates Joseph Curran and Jeremiah Cowen; and on intellectual property matters by partner Alan Tamarelli, with associate Jiqiang Lin.