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Client Highlights
Court Dismisses Federal Securities Class Action Against Invuity
On November 24, 2020, the U.S. District Court for the Northern District of California issued an order dismissing with prejudice a federal securities class action lawsuit filed against Wilson Sonsini Goodrich & Rosati clients Invuity Inc., its former chief executive officer, and its chief financial officer. Judge Jeffrey S. White held that the complaint failed to allege any false or misleading statements and failed to allege scienter.
Client Highlights
Wilson Sonsini Advises on Montrose Environmental Group’s Public Offering
On November 24, 2020, Montrose Environmental Group announced the pricing of an underwritten secondary offering by certain of the company’s stockholders, including funds managed by Oaktree Capital Management, L.P., of 4,920,052 shares of the company’s stock at a price of $2.75 per share, before underwriting discounts and commissions. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 738,012 of common stock, and will receive all proceeds from the offering. Wilson Sonsini Goodrich & Rosati is representing the underwriters in the offering.
Client Highlights
Wilson Sonsini Advises Shasta Ventures in Hasty’s $3.7 Million Fundraise
On November 24, 2020, Hasty, a start-up building a next-generation computer vision AI annotation tool, announced it has raised $3.7 million in a seed round led by Shasta Ventures, a notable Silicon Valley venture capital firm with a number of high-profile exits to its name, including Anaplan (IPO), Glint (acquired by LinkedIn), Appsheet (acquired by Google), and Zuora (IPO). Other participants in the round include iRobot Ventures and Coparion. Wilson Sonsini Goodrich & Rosati represented Shasta Ventures in the transaction.
Client Highlights
Wilson Sonsini Client Energy Peace Partners Completes Inaugural Sale of P-RECs to Microsoft
On November 19, 2020, Energy Peace Partners (EPP), a coalition that leverages climate finance solutions to support peace in places affected by violent conflict, announced that the first-ever Peace Renewable Energy Credit (P-REC) transaction was executed by Microsoft with EPP and project developer Nuru. In the agreement, Microsoft is purchasing P-RECs issued by EPP from a new solar project in the Democratic Republic of the Congo (DRC), which will directly finance the installation of streetlights in a recently electrified neighborhood of Goma, the capital of North Kivu province. The streetlights are connected to the same solar-plus-storage system that generates the electricity associated with the P-RECs. The transaction was facilitated by renewable energy, transportation decarbonization, and climate solutions specialist 3Degrees. Wilson Sonsini Goodrich & Rosati served as pro bono legal counsel to EPP in the transaction.
Client Highlights
Wilson Sonsini Advises ORIC Pharmaceuticals in $133 Million Public Offering
On November 17, 2020, ORIC Pharmaceuticals, Inc., a clinical-stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, announced the closing of its previously announced underwritten public offering of 5,796,000 shares of its common stock, which includes the exercise in full of the underwriters’ option to purchase 756,000 additional shares of its common stock, at a price to the public of $23 per share. The gross proceeds to ORIC from the offering were approximately $133.3 million, before deducting underwriting discounts and commissions and estimated offering expenses.
Client Highlights
Wilson Sonsini Advises Major Shareholder, Buyer Group in China Biologic’s US$4.76 Billion Going-Private Transaction
On November 19, 2020, China Biologic Products Holdings, Inc., a leading fully integrated plasma-based biopharmaceutical company in China, announced that it has entered into a definitive agreement and plan of merger, pursuant to which China Biologic will merge with a special-purpose vehicle that shall, at the effective time of the merger, be beneficially owned by a buyer group consisting of Centurium Capital, CITIC Capital, Mr. Marc Chan, Hillhouse Capital, V-Sciences Investments Pte Ltd, and Mr. Joseph Chow (CEO and chairman of the board of directors of China Biologic). The proposed transaction implies an equity value of China Biologic of approximately US$4.76 billion. In connection with China Biologic’s going-private transaction, on October 26, 2020, PW Medtech Group Limited, a major shareholder of China Biologic and a member of the buyer group, entered into definitive agreements for the sale of 5,321,000 shares of China Biologic in the aggregate at a price of US$120.00 per share to three entities controlled by CITIC Capital and Mr. Joseph Chow, respectively. PW Medtech will cease to be a member of the buyer group upon closing of the share sale transaction. CBPO’s going-private transaction is expected to close during the first half of 2021, subject to customary closing conditions, including the approval by shareholders of China Biologic.
The Entrepreneurs Report - Q3 2020
In this issue, we've compiled a range of data on venture financing transactions in which Wilson Sonsini was involved during Q3 2020, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. In addition, the publication features an interview that Boston corporate partner Mark Solakian conducted with Dr. Wasim Malik of Iaso Ventures, the nation’s first sector-focused neuroscience and mental health venture capital firm, as well as data from Beauhurst on UK equity investment in Q3 2020.
