Principia Biopharma Announces Pricing of Initial Public Offering

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; 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; or Wells Fargo Securities, 375 Park Avenue, 3rd Floor, New York, NY 10152, Attention: Equity Syndicate Department, or by emailing 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.

Forward-Looking Statements

Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words, and include, without limitation, statements regarding Principia’s expectations regarding the commencement of trading of its shares on the Nasdaq Global Select Market, the completion and timing of the closing of the offering. Forward-looking statements are based on Principia’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related the satisfaction of customary closing conditions related to, and the completion of, the public offering.  These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering to be filed with the Securities and Exchange Commission.  Forward-looking statements contained in this announcement are made as of this date, and Principia undertakes no duty to update such information except as required under applicable law.

CONTACT: Investor Contact   
Christopher Chai, CFO

Media Contact   
Denise Powell