Ardelyx, Inc. Common Stock Offering

Davis Polk advised the joint book-running managers in connection with an $86.2 million SEC-registered follow-on common stock offering of 8,625,000 shares of common stock for Ardelyx, Inc. The common stock is listed on the NASDAQ Global Market under the symbol “ARDX.”

Based in Fremont, California, Ardelyx, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal tract to treat gastrointestinal and cardio-renal diseases.

The Davis Polk corporate team included partner Bruce K. Dallas and associates Jeffrey C. Lau, Adam H. Whitaker and Ingrid L. Perez. The tax team included partner Rachel D. Kleinberg and associate Alexander Wu. The intellectual property and technology team included partner Frank J. Azzopardi and associate Kimberly (KyungEun) Won. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Northern California and New York offices.