Portola Pharmaceuticals, Inc. Announces Pricing of Initial Public Offering

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SOUTH SAN FRANCISCO, CA--(Marketwired - May 22, 2013) - Portola Pharmaceuticals, Inc. announced today the pricing of its initial public offering of 8,422,758 shares of its common stock at a price to the public of $14.50 per share. All of the 8,422,758 shares are being offered by Portola. In addition, Portola granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,263,413 shares at the initial public offering price. The shares are expected to begin trading on the NASDAQ Global Market on May 22, 2013 under the trading symbol "PTLA." The offering is expected to close on May 28, 2013, subject to customarily closing conditions.

Morgan Stanley and Credit Suisse are acting as the joint book-running managers for the offering. Cowen and Company, William Blair and Sanford C. Bernstein are acting as co-managers. This offering will be made only by means of a prospectus, copies of which may be obtained from the offices of Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by email at newyork.prospectus@credit-suisse.com or by toll-free call to (800) 221-1037.

A registration statement relating to these securities has been filed with, and was declared effective by, the Securities and Exchange Commission on May 21, 2013. 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 these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Portola Pharmaceuticals, Inc.

Portola is a biopharmaceutical company focused on the development and commercialization of novel therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients who currently have limited or no approved treatment options. Portola's current development-stage portfolio consists of three compounds discovered through its internal research efforts and one discovered by Portola scientists during their time at a prior company.

Portola's two lead programs address significant unmet medical needs in the area of thrombosis, or blood clots. Portola's lead compound, betrixaban, is a novel oral once-daily inhibitor of Factor Xa in Phase 3 development for extended duration prophylaxis, or preventive treatment, of a form of thrombosis known as venous thromboembolism, or VTE, in acute medically ill patients. Currently, there is no anticoagulant approved for extended duration VTE prophylaxis in this population.

Portola's second lead development candidate, PRT4445, is a recombinant protein designed to reverse the anticoagulant activity in patients treated with a Factor Xa inhibitor who suffer an uncontrolled bleeding episode or undergo emergency surgery. Portola has entered into a collaboration agreement with Bristol-Myers Squibb Company and Pfizer Inc. and a collaboration agreement with Bayer Pharma AG and Janssen Pharmaceuticals, Inc. to study PRT4445 with Eliquis® and XARELTO®, respectively, in Portola's Phase 2 studies. Portola retains full, worldwide commercial rights with respect to PRT4445.

Portola's third product candidate, PRT2070, is an orally available kinase inhibitor being developed for hematologic, or blood, cancers and inflammatory disorders. PRT2070 inhibits spleen tyrosine kinase, or Syk, and janus kinases, or JAK, enzymes that regulate important signaling pathways. Subject to regulatory approval, Portola plans to initiate a Phase 1/2 clinical study of PRT2070 in 2013 in patients with B-cell hematologic cancers who have failed or relapsed on existing marketed therapies or products in development, including patients with identified mutations. Portola's fourth program, PRT2607 and other highly selective Syk inhibitors, is partnered with Biogen Idec Inc.


Contacts:
Mardi Dier
CFO
Portola Pharmaceuticals
Email Contact

Joey Fleury
BrewLife
Email Contact
415.946.1090



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