Prometheus Biosciences has announced the pricing of an underwritten offering of 4,545,455 shares of its common stock at $110 per share.
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 San Diego-based biotech company is taking a precision medicine approach for the discovery, development, and commercialization of therapeutic and companion diagnostic products for the treatment of immune-mediated diseases.
Prometheus intends to use the net proceeds from the 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.
Goldman Sachs & Co. SVB Securities, Jefferies, and Guggenheim Securities are joint bookrunning managers for the offering.
The offering is expected to close on Tuesday.
