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Client Highlights
Wilson Sonsini Advises Mottu on $50 Million Series C
On September 15, 2023, Mottu, a Brazilian motorcycle rental company and last-mile delivery marketplace, announced it has raised $50 million in a Series C round of funding co-led by QED Investors and Bicycle Capital. Endeavor Catalyst and Caravela also participated in the round. The latest funding round has attracted world class investors, further enhancing Mottu's cap table that boasts notable names like Michael Moritz, Base Partners, and Tiger Global. Wilson Sonsini Goodrich and Rosati represented Mottu in the transaction.
Mottu will use the funds to continue expanding in Brazil and Mexico, achieving greater operational efficiency, and providing its customers with a better experience across all its products. Mottu's motorcycle rental business now serves around 50,000 customers, and it has evolved into a comprehensive last-mile logistics ecosystem connecting restaurants, retailers, and e-commerce businesses with delivery couriers. Now, the company is also entering the mobility market, focused on the large population of commuters in Brazil and Mexico who frequently rely on public transportation services with poor quality.
The Wilson Sonsini LatAm team that advised Mottu on the transaction includes:
Mottu will use the funds to continue expanding in Brazil and Mexico, achieving greater operational efficiency, and providing its customers with a better experience across all its products. Mottu's motorcycle rental business now serves around 50,000 customers, and it has evolved into a comprehensive last-mile logistics ecosystem connecting restaurants, retailers, and e-commerce businesses with delivery couriers. Now, the company is also entering the mobility market, focused on the large population of commuters in Brazil and Mexico who frequently rely on public transportation services with poor quality.
The Wilson Sonsini LatAm team that advised Mottu on the transaction includes:
Client Highlights
Firm Advises Cheche Group Inc. on De-SPAC Merger with Prime Impact Acquisition I and Listing on Nasdaq
On September 14, 2023, Cheche Technology Inc., China’s leading automotive insurance technology platform, completed its business combination (Business Combination) with Prime Impact Acquisition I, a publicly traded special purpose acquisition company formerly listed on the New York Stock Exchange. Starting September 18, 2023, the combined company, Cheche Group Inc. (Cheche), will become a publicly listed company and its shares and warrants will begin trading on the Nasdaq Capital Market under the symbols “CCG” and “CCGWW,” respectively. Wilson Sonsini Goodrich & Rosati is representing Cheche in the Business Combination and Nasdaq listing.
Client Highlights
Firm Advises RayzeBio on IP Matters Related to $311 Million IPO
On September 14, 2023, RayzeBio, Inc., a targeted radiopharmaceutical company developing an innovative pipeline against validated solid tumor targets, announced the pricing of its upsized $311 million initial public offering of 17,277,600 shares of common stock at a price to the public of $18.00 per share. RayzeBio is offering 16,114,600 shares of common stock and the selling stockholder named in the prospectus is offering 1,163,000 shares of common stock. Wilson Sonsini Goodrich & Rosati advised RayzeBio on all IP matters leading up to and with respect to the IPO.
The gross proceeds to RayzeBio from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by RayzeBio, are expected to be approximately $290.1 million. In addition, RayzeBio has granted the underwriters a 30-day option to purchase up to an additional 2,591,640 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The gross proceeds to RayzeBio from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by RayzeBio, are expected to be approximately $290.1 million. In addition, RayzeBio has granted the underwriters a 30-day option to purchase up to an additional 2,591,640 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
Client Highlights
Wilson Sonsini Advises a16z on Moment’s $17 Million Series A Funding
On September 14, 2023, Moment, a new company seeking to revolutionize capital markets and make fixed income more accessible, transparent, and efficient for all investors, announced it has raised a $17 million Series A funding round led by Andreessen Horowitz (a16z), with participation from Venrock, Contrary, Neo, and Henry R. Kravis, bringing Moment's total amount raised to over $20 million. Moment also announced their partnership with Apex Fintech Solutions—a global leader in clearing and custody solutions. Together, Moment and Apex will be rolling out their suite of fixed income APIs to over 220 broker-dealer clients representing over $120 billion in assets under custody.
Client Highlights
Firm Advises Related Sciences on Drug Discovery Collaboration with Charles River
On September 14, 2023, Charles River Laboratories International, Inc. and Related Sciences, a data science-driven drug discovery firm, announced a multi-program collaboration agreement to apply Logica™—an AI-powered drug solution that translates biological insights into optimized assets—across several previously undrugged targets in the Related Sciences portfolio. Wilson Sonsini Goodrich & Rosati advised Related Sciences on the transaction.
Under the collaboration, Related Sciences will work closely with the Charles River and Valo Health teams to deploy Logica to discover valuable new medicines to address key unmet needs across a range of disease areas, including cancer immunotherapy, autoimmunity, and inflammatory diseases. Charles River and Valo Health launched Logica in 2022, leveraging the AI-powered Valo Opal Computational Platform™ and Charles River’s leading preclinical expertise to provide clients with transformed drug discovery with a single integrated offering seamlessly translating targets to candidate nomination.
Wilson Sonsini technology transactions partner Seth Flaum advised Related Sciences on the collaboration.
Under the collaboration, Related Sciences will work closely with the Charles River and Valo Health teams to deploy Logica to discover valuable new medicines to address key unmet needs across a range of disease areas, including cancer immunotherapy, autoimmunity, and inflammatory diseases. Charles River and Valo Health launched Logica in 2022, leveraging the AI-powered Valo Opal Computational Platform™ and Charles River’s leading preclinical expertise to provide clients with transformed drug discovery with a single integrated offering seamlessly translating targets to candidate nomination.
Wilson Sonsini technology transactions partner Seth Flaum advised Related Sciences on the collaboration.
Client Highlights
Wilson Sonsini Advises Quince Therapeutics on Patent Matters Related to EryDel SpA Acquisition
On July 24, 2023, Quince Therapeutics, Inc., a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, announced that the company has entered into an agreement to acquire EryDel SpA, a privately-held, late-stage biotech company, in a stock-for-stock upfront exchange and potential downstream milestone cash payments. EryDel has developed an autologous intracellular drug encapsulation (AIDE) technology and a Phase 3 lead asset, EryDex, targeting a rare fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T), which currently has no approved treatments. Upon completion of the transaction, EryDel stockholders will own approximately 16.7 percent of the combined company (subject to downward adjustment) and will be entitled to up to $485 million upon the achievement of development, regulatory, and commercial milestone payments, with no royalties. The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
2023 Mid-Year Technology and Life Sciences PIPE and RDO Report
We present analysis related to 87 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and June 30, 2023. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in the first half of 2023.