The shares are listed on the Tokyo Stock Exchange

Davis Polk advised the international joint lead managers and joint bookrunners in connection with the initial public offering of 3,731,300 shares of common stock and Tokyo Stock Exchange listing of TMS Co., Ltd. 

The shares were sold by TMS and certain selling shareholders. The Japanese underwriters have an over-allotment option with respect to 559,600 shares. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. Assuming full exercise of the over-allotment option, the aggregate proceeds of the global offering will be approximately ¥2.9 billion (approximately $20.5 million).

TMS is a Japanese clinical stage biotechnology company that aims to become a leader in bridging innovations from Japanese academic institutions and the global biopharmaceutical industry in order to serve unmet medical needs for patients worldwide. 

The Davis Polk corporate team included partners Jon Gray and Xuelin (Steve) Wang, counsel Christopher Kodama and associates Chihiro Sasaki and Paul Lee. Partner David R. Bauer and associates Brette L. Trost, Annie Xie and Jordan Khorshad provided intellectual property advice. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice.  Members of the Davis Polk team are based in the Tokyo, Hong Kong, New York and London offices.

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