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Client Highlights
Wilson Sonsini Advises RA Capital Management on Corporate, IP Matters Related to Forge Biologics' $120 Million Series B Financing
On April 29, 2021, Forge Biologics, a gene therapy-focused contract development and manufacturing organization, announced the closing of a $120 million Series B financing. The financing was led by RA Capital Management with participation from Perceptive Advisors and related affiliates, Surveyor Capital (a Citadel company), Octagon Capital, and Marshall Wace. Existing investors Perceptive Xontogeny Venture Fund and Drive Capital also participated. Forge will use the proceeds of this Series B financing to accelerate the expansion of its AAV manufacturing CDMO capabilities with cGMP production capacity, as well as operate its subsidiaries that are advancing novel AAV gene therapy programs. For more information on the Forge Biologics transaction, please see the company's press release.
Client Highlights
Wilson Sonsini Advises Metafy on $5.5 Million in Additional Funding for Seed Rounds
On May 6, 2021, Metafy, a start-up building a marketplace to match gamers with instructors, announced that it closed an additional $5.5 million to its $3.15 million seed round. Forerunner Ventures led the round along with DCM and Seven Seven Six. According to Metafy CEO Josh Fabian, the company has grown from incorporation to gross merchandise volume (GMV) of $76,000 in around nine months. Last year, the start-up had its first seed round led by Forerunner Ventures, raising $3.5 million. The participants were Tekton Ventures, M25, Naval Ravikant (founder of AngelList), Matt Cooper (CEO of SkillShare), and Nick Candito.
Client Highlights
Wilson Sonsini Advises Capsigen on IP Matters Related to Collaboration with Biogen
On May 10, 2021, Biogen Inc. and Capsigen Inc. announced they have entered into a strategic research collaboration to engineer novel adeno-associated virus (AAV) capsids that have the potential to deliver transformative gene therapies that address the underlying genetic causes of various CNS and neuromuscular disorders. Wilson Sonsini Goodrich & Rosati advised Capsigen on IP matters related to the collaboration.
As a part of the collaboration, Capsigen’s proprietary TRADE™ platform and associated technologies will be utilized with the aim to create and identify novel AAV capsids tailored to meet disease-specific transduction profiles. The collaboration will leverage Capsigen’s capsid engineering expertise and Biogen’s discovery, development, manufacturing, and commercialization capabilities with the goal to accelerate delivery of gene therapies to patients in need. Under the terms of the agreement, Capsigen will apply its vector engineering approaches to develop novel capsids designed to meet highly customized, disease-specific transduction profiles. Biogen will receive an exclusive license under Capsigen’s proprietary technology for an undisclosed number of CNS and neuromuscular disease targets. Capsigen will receive a $15 million upfront payment and is eligible to receive up to $42 million in potential research milestones and up to an additional $1.25 billion in potential development and commercial payments should the collaboration programs achieve certain developmental milestones and sales thresholds. Capsigen is also eligible to receive royalties on future net sales of products that incorporate capsids resulting from the collaboration.
The Wilson Sonsini Goodrich & Rosati team that advised Capsigen on IP matters related to the collaboration included Matthew Bresnahan, Indrani Dasgupta, and Brett Zirkle.
As a part of the collaboration, Capsigen’s proprietary TRADE™ platform and associated technologies will be utilized with the aim to create and identify novel AAV capsids tailored to meet disease-specific transduction profiles. The collaboration will leverage Capsigen’s capsid engineering expertise and Biogen’s discovery, development, manufacturing, and commercialization capabilities with the goal to accelerate delivery of gene therapies to patients in need. Under the terms of the agreement, Capsigen will apply its vector engineering approaches to develop novel capsids designed to meet highly customized, disease-specific transduction profiles. Biogen will receive an exclusive license under Capsigen’s proprietary technology for an undisclosed number of CNS and neuromuscular disease targets. Capsigen will receive a $15 million upfront payment and is eligible to receive up to $42 million in potential research milestones and up to an additional $1.25 billion in potential development and commercial payments should the collaboration programs achieve certain developmental milestones and sales thresholds. Capsigen is also eligible to receive royalties on future net sales of products that incorporate capsids resulting from the collaboration.
The Wilson Sonsini Goodrich & Rosati team that advised Capsigen on IP matters related to the collaboration included Matthew Bresnahan, Indrani Dasgupta, and Brett Zirkle.
Client Highlights
Wilson Sonsini Advises Day One on IP Matters Related to IPO
On May 4, 2021, San Francisco-based Day One Biopharmaceuticals, a Phase 2 biotech developing treatments for pediatric glioma and other cancers, filed with the SEC to raise up to $100 million in an initial public offering. Day One plans to list on the Nasdaq under the symbol "DAWN." No pricing terms were disclosed. Wilson Sonsini Goodrich & Rosati is advising Day One on IP matters related to the IPO.
Client Highlights
Wilson Sonsini Advises Recursion on $501 Million IPO
On April 20, 2021, Recursion Pharmaceuticals, Inc., of Salt Lake City announced the closing of its initial public offering of 27,878,787 shares of its Class A common stock, which includes the exercise in full of the underwriters' option to purchase 3,636,363 additional shares of its Class A common stock, at a price to the public at $18.00 per share, a price at the top end of its expected pricing range. Including the option exercise, the gross proceeds from the offering were $501.8 million, before deducting underwriting discounts and commissions and other offering expenses payable by Recursion. All of the shares were offered by Recursion. The shares began trading on the Nasdaq Global Select Market on April 16, 2021, under the symbol "RXRX."
Client Highlights
Firm Advises Sonder on Business Combination with Gores Metropoulos II SPAC
On April 30, 2021, Sonder Holdings, a leading next-generation hospitality company that is redefining the guest experience, and Gores Metropoulos II, Inc., a special purpose acquisition company (SPAC) sponsored by an affiliate of The Gores Group, LLC and by an affiliate of Dean Metropoulos of Metropoulos & Co., announced that they have entered into a definitive agreement to combine. The technology-driven hospitality business is expected to have a pro forma enterprise value of $2.2 billion and over $700 million of net cash at closing. Wilson Sonsini Goodrich & Rosati is representing Sonder in the transaction.
The business combination includes $650 million of cash proceeds from Gores Metropoulos II before expenses, including a fully committed PIPE of $200 million from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group. The proceeds from the business combination, which has been unanimously approved by the boards of directors of GM II and Sonder and is expected to close in the second half of 2021, will be used to continue global growth and expansion and increase investments in technology to drive an elevated guest experience.
The business combination includes $650 million of cash proceeds from Gores Metropoulos II before expenses, including a fully committed PIPE of $200 million from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group. The proceeds from the business combination, which has been unanimously approved by the boards of directors of GM II and Sonder and is expected to close in the second half of 2021, will be used to continue global growth and expansion and increase investments in technology to drive an elevated guest experience.
Digital Health Report - Q2 2021
In this issue, we discuss U.S. Food and Drug Administration (FDA) regulation of wellness devices. We also look at good commercial contracting hygiene for digital health start-ups. Other articles include recent enforcement actions against Electronic Health Records (EHR) technology vendors, and our next installment on HIPAA for digital health entrepreneurs, about proposed changes to improve individual access to PHI.