On December 8, 2022, Prometheus Biosciences, Inc. a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases, announced the pricing of an underwritten offering of 4,545,455 shares of its common stock at a price to the public of $110 per share. All of the shares to be sold in the offering are to be sold by Prometheus. The gross proceeds to Prometheus from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be $500 million. The offering is expected to close on or about December 13, 2022, subject to the satisfaction of customary closing conditions. In addition, Prometheus has granted the underwriters a 30-day option to purchase up to an additional 681,818 shares of common stock. Prometheus intends to use the net proceeds from this offering, together with its existing cash, cash equivalents, and short-term investments, to fund the development of PRA023, PRA052, and its other research and development programs and for working capital and general corporate purposes. 

 

Wilson Sonsini advised Prometheus Biosciences on all aspects of IP and patent matters related to this transaction. The team includes Sara Patak, Alicia Umpierre, Erin Anderson, Dustin Luettgen, Kyle Headrick, and Matthew Bresnahan.

 

For more information, please see the press release.