Satsuma Pharmaceuticals, Inc. has announced the pricing of its initial public offering of 5,500,000 shares of common stock at a public offering price of $15.00 per share, for gross proceeds of $82.5 million, before the underwriting discounts and commissions.
Satsuma Pharmaceuticals, Inc. (“Satsuma” or the “Company”), a clinical-stage biopharmaceutical company developing STS101 (dihydroergotamine (DHE) nasal powder) for the acute treatment of migraines, has announced the pricing of its initial public offering of 5,500,000 shares of common stock at a public offering price of $15.00 per share, for gross proceeds of $82.5 million, before the underwriting discounts and commissions. As detailed in the company press release, all of the shares of common stock are being offered by Satsuma. The Company has also granted the underwriters a 30-day option to purchase from the Company an additional 825,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Satsuma’s common stock has been approved for listing on The Nasdaq Global Market and is expected to begin trading under the ticker symbol “STSA” on September 13, 2019. The offering is expected to close on September 17, 2019, subject to customary closing conditions.
Latham & Watkins LLP represents Satsuma Pharmaceuticals, Inc. in the initial public offering with a Silicon Valley-based corporate team led by partners Brian Cuneo and Alan Mendelson with associates Miles Jennings and Vishal Ganesan. Advice was also provided on intellectual property matters by Silicon Valley partner Christopher Hazuka with associates Peggy Ni and Katie Mladinich; on employee benefits and compensation matters by Silicon Valley associates Ashley Wagner and Mi Zhou; on tax matters by San Francisco partner Grace Lee with Orange County associate Janet Hsu; and on FDA regulatory matters by Washington, D.C. partner John Manthei and San Francisco counsel Betty Pang with Silicon Valley associate Amy Speros.
