Latigo Biotherapeutics, a Phase 3-ready biotech developing non-opioid therapies for acute and chronic pain, raised $346 million by offering 19.2 million shares at $18, the high end of the $16 to $18 range. The company had originally planned to offer 16 million shares; the eventual deal size was 27% more than planned at the midpoint of the original terms. At the pricing, the company has a fully diluted market cap of $1.3 billion.
Latigo Biotherapeutics is a clinical-stage biopharmaceutical company developing non-opioid pain medicines targeting the Nav1.8 sodium channel. Its lead candidate, LTG-001, is an oral Nav1.8 inhibitor for moderate to severe acute pain, including postoperative pain, and recently reported positive topline data from a 343-patient abdominoplasty trial, meeting its primary SPID48 endpoint versus placebo. A placebo-controlled Phase 3 bunionectomy trial and an open-label Phase 3 safety trial are planned for the second half of 2026, with topline results expected in the second half of 2027. LTG-321, a second Nav1.8 candidate for chronic musculoskeletal pain starting with osteoarthritis, is in a Phase 2 proof-of-concept trial with results also expected in the second half of 2027. The company's earlier-stage pipeline includes LTG-418, a preclinical Nav1.8 inhibitor, along with additional discovery programs targeting other ion channels involved in pain transmission.
The Thousand Oaks, CA-based company will trade on the Nasdaq under the symbol LTGO. Goldman Sachs, Jefferies, Leerink Partners, and Guggenheim Securities acted as joint bookrunners on the deal.
