Instil Bio, Inc., a clinical-stage biopharmaceutical company focused on developing an innovative cell therapy pipeline of autologous TIL therapies for the treatment of patients with cancer, has announced the pricing of its upsized initial public offering of 16 million shares of common stock at a price to the public of US$20 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Instil, are expected to be US$320 million, excluding any exercise of the underwriters’ option to purchase additional shares. The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol “TIL” on March 19, 2021, and the offering is expected to close on March 23, 2021, subject to customary closing conditions. In addition, Instil has granted the underwriters a 30-day option to purchase up to 2.4 million additional shares of common stock at the initial public offering price less underwriting discounts and commissions.

Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by New York partner Nathan Ajiashvili, with New York associates Roger Yarett, Patrick Maguire, and Carolina Bernal.