Longboard Pharmaceuticals, Inc. (LBPH) Prices 5M Share IPO at $16/Sh

Longboard Pharmaceuticals, Inc. (NASDAQ: LBPH) a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today announced the pricing of its initial public offering of 5,000,000 shares of its common stock at a price to the public of $16.00 per share. The gross proceeds to Longboard from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $80.0 million.

Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs).

The shares are expected to begin trading on the Nasdaq Global Market on March 12, 2021, under the symbol “LBPH”. The offering is expected to close on March 16, 2021, subject to satisfaction of customary closing conditions. In addition, Longboard has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All of the shares are being offered by Longboard.

Citigroup, Evercore ISI, Guggenheim Securities and Cantor are acting as joint book-running managers for the offering.

The offering is being made only by means of a prospectus.

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