Belite Bio’s $36 Million IPO

Wilson Sonsini Goodrich & Rosati and O’Melveny advised Belite Bio on the deal.

Belite Bio, Inc., a clinical-stage biopharmaceutical drug development company, announced the pricing of its initial public offering of six million American Depositary Shares (ADSs) at a public offering price per ADS of $6.00. Each ADS represents one ordinary share of Belite. In addition, Belite has granted the underwriters a 30-day option to purchase an additional 900,000 ADSs at the initial public offering price, less underwriting discounts and commissions. Lin Bioscience International Ltd., the company’s principal shareholder, agreed to purchase $15.0 million of ADSs in the offering.

In connection with the offering, Belite’s ADSs have been approved for listing on the Nasdaq Capital Market. The ADSs began trading on April 29, 2022, under the ticker symbol “BLTE.” The offering closed on May 3, 2022. The gross proceeds to Belite from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $36 million. Belite expects to use the net proceeds to fund the Phase 3 clinical trial of its lead candidate, LBS-008, for Stargardt disease (an inherited juvenile form of macular degeneration) and for further clinical development of LBS-008 for dry age-related macular degeneration (AMD), working capital, and other general corporate purposes.

Founded in 2016, San Diego, California-based Belite Bio targets untreatable age-related metabolic diseases, including macular degeneration, liver disease, and diabetes. Wilson Sonsini has handled all IP matters for Belite since the company’s inception. 

The Wilson Sonsini team was led by Deborah Smith (Picture), Sean Reed, and Matt Bresnahan. 

The O’Melveny team was led by corporate partners Portia Ku and Vincent Lin, and counsel Jane Wu, and included associate Qianru Hong and legal consultant Yutong Xie and legal consultant Yingqi Gu. Partner Rob Plesnarski advised on SEC related issues.  Partner Kurt Berney and counsel James Harrigan advised on legal opinion and warrant related issues.  Partner Robert Fisher, counsel Billy Abbott and associate Dawn Lim provided tax-related advice.

Involved fees earner: Billy Abbott – O’Melveny & Myers LLP; Kurt Berney – O’Melveny & Myers LLP; Robert Fisher – O’Melveny & Myers LLP; James Harrigan – O’Melveny & Myers LLP; Qianru Hong – O’Melveny & Myers LLP; Portia Ku – O’Melveny & Myers LLP; Dawn Lim – O’Melveny & Myers LLP; Vincent Lin – O’Melveny & Myers LLP; Robert Plesnarski – O’Melveny & Myers LLP; Jane Wu – O’Melveny & Myers LLP; Matthew Bresnahan – Wilson Sonsini Goodrich & Rosati; Sean Reed – Wilson Sonsini Goodrich & Rosati; Deborah Smith – Wilson Sonsini Goodrich & Rosati;

Law Firms: O’Melveny & Myers LLP; Wilson Sonsini Goodrich & Rosati;

Clients: Belite Bio, Inc.;

Martina Bellini

Author: Martina Bellini