Spruce Biosciences’ $103.5 Million Initial Public Offering

Latham & Watkins LLP represented the underwriters in the offering. Wilson Sonsini Goodrich & Rosati advised Spruce Biosciences Inc. on the deal.

Spruce Biosciences Inc., a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet need, announced the closing of its initial public offering of 6,900,000 shares of its common stock, which includes 900,000 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares, at a public offering price of $15.00 per share. The gross proceeds to Spruce from the offering, before deducting underwriting discounts, commissions, and offering expenses, were $103.5 million. All of the shares in the offering were sold by Spruce. Spruce’s common stock began trading on the Nasdaq Global Select Market on October 9, 2020, under the ticker symbol “SPRB.”

Cowen, SVB Leerink, Credit Suisse, and RBC Capital Markets acted as joint book-running managers for the offering.

Spruce Biosciences, Inc. is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet need.

Latham & Watkins LLP represented the underwriters in the offering with a life sciences-focused capital markets team led by Bay Area partner Brian Cuneo (Picture) and Orange County partner Drew Capurro, with Orange County associates Nicole Jazayeri and Mekbeb Hagos. Advice was also provide on benefits and compensation matters by San Diego partner Holly Bauer, with Los Angeles associate Rachel Narowski; on regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsel Betty Pang and Heather Deixler, with Washington, D.C. associates Barrett Tenbarge and Lacey Henry; on intellectual property matters by Bay Area partner Judith Hasko, with New York associate Jiqiang Lin; and on tax matters by Bay Area partner Grace Lee, with Orange County associate Janet Hsu.

The Wilson Sonsini team that advised Spruce Biosciences on patents and patent strategy related to the IPO includes partner Michael Hostetler, Of Counsel Uale Taotafa, and associate Rona Lamiquiz.

Involved fees earner: Holly Bauer – Latham & Watkins; Drew Capurro – Latham & Watkins; Brian Cuneo – Latham & Watkins; Heather Deixler – Latham & Watkins; Mekbeb Negash Hagos – Latham & Watkins; Judith Hasko – Latham & Watkins; Lacey Henry – Latham & Watkins; Janet Hsu – Latham & Watkins; Nicole Jazayeri – Latham & Watkins; Grace Lee – Latham & Watkins; Jiqiang Lin – Latham & Watkins; Rachel Narowski – Latham & Watkins; Betty Pang – Latham & Watkins; Elizabeth Richards – Latham & Watkins; Barrett Tenbarge – Latham & Watkins; Michael Hostetler – Wilson Sonsini Goodrich & Rosati; Rona Lamiquiz – Wilson Sonsini Goodrich & Rosati; Uale Taotafa – Wilson Sonsini Goodrich & Rosati;

Law Firms: Latham & Watkins; Wilson Sonsini Goodrich & Rosati;

Clients: Cowen and Company; Credit Suisse; RBC Capital Markets; Spruce Biosciences; SVB Leerink LLC;

Author: Ambrogio Visconti