EXHIBIT 5.1
David G. Peinsipp
+1 415 693 2177
dpeinsipp@cooley.com
October 18, 2019
Principia Biopharma Inc.
220 East Grand Avenue
South San Francisco, CA 94080
Ladies and Gentlemen:
You have requested our opinion, as counsel to Principia Biopharma Inc., a Delaware corporation (the “Company”), with respect to certain matters in connection with the offering by the Company of up to 8,625,000 shares of the Company’s common stock, par value $0.0001 (the “Shares”), including up to 1,125,000 Shares that may be sold pursuant to the exercise of an option to purchase additional shares, pursuant to a Registration Statement on FormS-3 (Registration StatementNo. 333-234038) (the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Act”), the prospectus included within the Registration Statement (the “Base Prospectus”), and the prospectus supplement relating to the Shares dated October 15, 2019, filed with the Commission pursuant to Rule 424(b) of the Act (together with the Base Prospectus, the “Prospectus”).
In connection with this opinion, we have examined and relied upon the Registration Statement and the Prospectus, the Company’s certificate of incorporation and bylaws, each as currently in effect, and originals or copies certified to our satisfaction of such records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. In rendering this opinion, we have assumed the genuineness and authenticity of all signatures on original documents; the authenticity of all documents submitted to us as originals; the conformity to originals of all documents submitted to us as copies; the accuracy, completeness and authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents by all persons other than the Company where due authorization, execution and delivery are a prerequisite to the effectiveness thereof. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.
Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the Registration Statement and the Prospectus, will be validly issued, fully paid andnon-assessable.
Cooley LLP 101 California Street 5th Floor San Francisco, CA 94111-5800
t: (415)693-2000 f: (415)693-2222 cooley.com
