Latham & Watkins Advises Terns Pharmaceuticals in Upsized Initial Public Offering

Latham & Watkins LLP advises Terns Pharmaceuticals, Inc. (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, or NASH, and other chronic liver diseases, has announced the pricing of its upsized initial public offering of 7,500,000 shares of common stock at a public offering price of US$17.00 per share, for gross proceeds of US$127.5 million, before the underwriting discounts and commissions. All of the shares of common stock are being offered by Terns. The Company has also granted the underwriters a 30-day option to purchase from the Company an additional 1,125,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. 

Prior to the company’s IPO, the firm also advised Terns in its recently announced US$87 million Series C cross-over financing and concurrent US domestication. 

Bay Area partner Brian Cuneo and New York partner Nathan Ajiashvili led the team representing Terns in its initial public offering with associates Michael Podolny, Tess Bloom, Nicholas Reist, Amanda Dillon, and Taimi Jacobson. Advice was also provided on regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsel Betty Pang, with associates Barrett Tenbarge, Alyssa Lattner, and Julie Shin; on benefits and compensation matters by Bay Area partner James Metz, with associate Nathaniel Hsieh; on tax matters by Bay Area partner Katharine Moir, with associate Janet Hsu; and on intellectual property matters by Bay Area/San Diego partner Chris Hazuka, with associates Katie Mladinich and Michael Sweeney.