Latham Advises Phathom Pharmaceuticals on US$130 Million Offering of Common Stock and Pre-Funded Warrants

Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases, has announced the pricing of its underwritten offering of 8,695,652 shares of its common stock and pre-funded warrants to purchase 2,608,922 shares of common stock. The shares of common stock are being sold at a price of US$11.50 per share and the pre-funded warrants are being sold at a price of US$11.499 per pre-funded warrant, which represents the per share price for the common stock less the US$0.001 per share exercise price for each such pre-funded warrant. The gross proceeds to Phathom from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately US$130 million. The offering is expected to close on or about August 20, 2024, subject to satisfaction of customary closing conditions.

Latham & Watkins LLP advised Phanthom Pharmaceuticals in the offering with a corporate team led by San Diego partners Matt Bush and Cheston Larson, and counsel Anthony Gostanian, with associates Rachel Staub and Samantha Wang.