NGM Biopharmaceuticals, Inc. Initial Public Offering

Davis Polk advised the underwriters in connection with an initial public offering of 7,521,394 shares of common stock of NGM Biopharmaceuticals, Inc. at $16.00 per share, for gross proceeds of $119.4 million, which included 854,727 shares from the exercise of the underwriters’ over-allotment option to purchase additional shares. Concurrent with the public offering, Merck Sharp & Dohme Corp. purchased 4,121,683 shares of NGM common stock in a separate private placement, resulting in additional gross proceeds of $65.9 million.

The common stock is listed on the Nasdaq Global Select Market under the symbol “NGM.”

Headquartered in South San Francisco, California, NGM is a clinical stage biopharmaceutical company focused on developing novel therapeutics based on scientific understanding of key biological pathways underlying cardio-metabolic, liver, oncologic and ophthalmic diseases.

The Davis Polk corporate team included partners Bruce K. Dallas and Sarah K. Solum and associates Donald K. Lang, Beth LeBow and Blake Anderson. Partner David R. Bauer and associate Jay Frankel provided intellectual property and technology advice. The tax team included partner Rachel D. Kleinberg and associate Rebecca A. Rosen. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Northern California and New York offices.