Principia Biopharma announces $100M IPO

SOUTH SAN FRANCISCO, Calif., Sept. 13, 2018 (GLOBE NEWSWIRE) -- Principia Biopharma Inc. (Principia or the Company, Nasdaq: PRNB), a clinical-stage biopharmaceutical company dedicated to bringing transformative oral therapies to patients with significant unmet medical needs in immunology and oncology, today announced the pricing of its initial public offering of 6,250,000 shares of common stock at a public offering price of $17.00 per share. The gross proceeds to Principia, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $106.25 million. All of the common stock is being offered by Principia.  The shares of the Company’s common stock are expected to begin trading on the Nasdaq Global Select Market on September 14, 2018 under the trading symbol "PRNB." The offering is expected to close on September 18, 2018, subject to customary closing conditions.

In addition, Principia has granted the underwriters a 30-day option to purchase up to 937,500 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions.

BofA Merrill Lynch, Leerink Partners and Wells Fargo Securities are acting as joint book-running managers for the offering. Baird is acting as lead manager for the offering.

A registration statement relating to the shares of common stock has been filed with the U.S. Securities and Exchange Commission and was declared effective on September 13, 2018. The offering will be made only by means of a prospectus, copies of which may be obtained from BofA Merrill Lynch, 200 North College Street, 3rd Floor, Charlotte, NC  28255-0001, Attn: Prospectus Department or by emailing dg.prospectus_requests@baml.com; Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by emailing syndicate@leerink.com; or Wells Fargo Securities, 375 Park Avenue, 3rd Floor, New York, NY 10152, Attention: Equity Syndicate Department, or by emailing cmclientsupport@wellsfargo.com or calling (800) 326-5897.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of shares of Principia’s common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Principia

Principia is a clinical-stage biopharmaceutical company dedicated to bringing transformative oral therapies to patients with significant unmet medical needs in immunology and oncology. The Company’s proprietary Tailored Covalency® platform enables it to design and develop reversible and irreversible covalent, small molecule inhibitors with potencies and selectivities that have the potential to rival those of injectable biologics, yet maintain the convenience of a pill.