On March 11, 2021, Prometheus Biosciences, a biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease, announced the pricing of its upsized initial public offering of 10,000,000 shares of common stock at a public offering price of $19.00 per share. All of the shares are being offered by Prometheus. The shares began trading on the Nasdaq Global Select Market on March 12 under the ticker symbol “RXDX.” The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Prometheus, are expected to be $190 million. Wilson Sonsini Goodrich & Rosati is advising Prometheus on intellectual property matters related to the transaction.

The offering is expected to close on March 16, 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 1,500,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. SVP Leerink, Credit Suisse, Stifel, and Guggenheim Securities are acting as joint bookrunning managers for the offering.

The Wilson Sonsini team advising Prometheus on intellectual property matters related to the offering includes Sara Pennebaker, Alicia Umpierre, Erin Boyle Anderson, Morgan Brown, Jacob Panangat, Brian Brown, Farah Gerdes, and Matthew Bresnahan.

For more information, please see Prometheus Biosciences’ press release.