Lyell Immunopharma’s $425 Million Initial Pubic Offering

Latham & Watkins Advises the Underwriters in the offering while Cooley LLP represented Lyell Immunopharma.

Lyell Immunopharma, Inc. (Lyell), (Nasdaq: LYEL), a T cell reprogramming company dedicated to the mastery of T cells to cure patients with solid tumors, has announced the pricing of its initial public offering of 25,000,000 shares of its common stock at a public offering price of US$17 per share. All of the shares of common stock are being offered by Lyell. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Lyell, are expected to be approximately US$425 million. Lyell’s common stock is expected to begin trading on the Nasdaq Global Select Market on June 17, 2021 under the ticker symbol “LYEL.” The offering is expected to close on June 21, 2021, subject to the satisfaction of customary closing conditions. In addition, Lyell has granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of its common stock at the initial public offering price, less the underwriting discounts and commissions.

Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities, LLC, and Morgan Stanley & Co. LLC acted as underwriters for the offering.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets deal team led by Bay Area partner Brian Cuneo (Picture) and Orange County partner Shayne Kennedy, with Bay Area associates Raul Gonzalez and Melinda Vanderburg. Advice was also provided on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards, with Washington, D.C. associate Nathan Beaton and New York associate Lacey Henry; on healthcare regulatory matters by Bay Area counsel Betty Pang; on intellectual property matters by Bay Area partner Judith Hasko, with Bay Area associate Peggy Ni; on data privacy matters by Bay Area counsel Heather Deixler; on tax matters by Bay Area partner Grace Lee, with Bay Area associate Gregory Conyers; and on benefits and compensation matters by Bay Area partner James Metz, with Chicago associate Samantha Voutyras.

Partners Dave Peinsipp, Charlie Kim, Chad Mills and Lauren Creel led the Cooley team. Additional assistance was provided by Allison Peth, Connor Gibbs, Kristina Krasnikova, Anitha Anne, Ryan Lewis, William J. Boyle, Marya Postner, DéJeune O’Garro, Natasha Leskovsek, Philip Mitchell, Jennifer Shanley, Barbara Mirza, Austin Holt, Mark Windfeld-Hansen, Jonathan Rivinus and Francis Wheeler.

Involved fees earner: Anitha Anne – Cooley LLP; Lauren Creel – Cooley LLP; Austin Holt – Cooley LLP; Charlie Kim – Cooley LLP; Kristina Krasnikova – Cooley LLP; Natasha Leskovsek – Cooley LLP; Ryan Lewis – Cooley LLP; Connor Marshall Gibbs – Cooley LLP; Chadwick Mills – Cooley LLP; Barbara Mirza – Cooley LLP; Philip Mitchell – Cooley LLP; DéJeune O’Garro – Cooley LLP; David Peinsipp – Cooley LLP; Allison Peth – Cooley LLP; Marya Postner – Cooley LLP; Jonathan Rivinus – Cooley LLP; Jennifer Shanley – Cooley LLP; Francis Wheeler – Cooley LLP; Mark Windfeld-Hansen – Cooley LLP; Nathan Beaton – Latham & Watkins; Gregory Conyers – Latham & Watkins; Brian Cuneo – Latham & Watkins; Heather Deixler – Latham & Watkins; Raul Gonzalez – Latham & Watkins; Judith Hasko – Latham & Watkins; Lacey Henry – Latham & Watkins; Shayne Kennedy – Latham & Watkins; Grace Lee – Latham & Watkins; James Metz – Latham & Watkins; Peggy Ni – Latham & Watkins; Betty Pang – Latham & Watkins; Elizabeth Richards – Latham & Watkins; Melinda Vanderburg – Latham & Watkins; Samantha Voutyras – Latham & Watkins;

Law Firms: Cooley LLP; Latham & Watkins;

Clients: Bank of America Securities; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Lyell Immunopharma; Morgan Stanley;

Martina Bellini

Author: Martina Bellini