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Client Highlights
Wilson Sonsini Advises Tempest on Patent Matters Related to Merger with Millendo and $30 Million PIPE Financing
On March 29, 2021, Tempest Therapeutics, Inc., a privately held clinical-stage oncology company developing potentially first-in-class therapeutics that combine both targeted and immune-mediated mechanisms, and Millendo Therapeutics, Inc., announced that they have entered into a definitive agreement under which Millendo will merge with Tempest in an all-stock transaction. The combined company will focus on advancing Tempest’s oncology pipeline of small-molecule therapeutics that have the potential to address a wide range of tumors. Upon shareholder approval, the combined company is expected to operate under the name Tempest Therapeutics and trade on the Nasdaq Capital Market under the ticker symbol "TPST."
Client Highlights
Wilson Sonsini Advises AppLovin on its IPO
On April 14, 2021, AppLovin announced the pricing of its initial public offering of its Class A common stock at a price of $80.00 per share. Wilson Sonsini Goodrich & Rosati advised AppLovin on the offering.
Client Highlights
Wilson Sonsini Advises Reneo Pharmaceuticals on Patent Matters Related to IPO
On April 8, 2021, Reneo Pharmaceuticals, Inc., a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare, genetic, mitochondrial diseases, announced the pricing of its initial public offering of 6,250,000 shares of its common stock at a public offering price of $15.00 per share, for total gross proceeds of approximately $93.8 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares were offered by Reneo. The shares began trading on the Nasdaq Global Market on April 9, 2021, under the symbol “RPHM.” The underwriters were granted a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price less underwriting discounts and commissions. The offering closed on April 13, 2021.
Client Highlights
Wilson Sonsini Advises Crinetics on Patent Matters Related to $75 Million Common Stock Offering
On April 12, 2021, Crinetics Pharmaceuticals, Inc., a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, announced that it has closed its previously announced underwritten follow-on offering of 4,562,044 shares of its common stock at a price to the public of $16.44 per share. The gross proceeds to Crinetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $75 million.
Client Highlights
Wilson Sonsini Represents StockX in $255 Million Financing
On April 8, 2021, Detroit-based global online marketplace StockX announced the conclusion of a $195 million secondary tender offering as well as an additional $60 million in Series E-1 primary shares at $3.8 billion valuation. Wilson Sonsini Goodrich & Rosati represented StockX in the transaction.
Client Highlights
Firm Advises Exodus Movement, Inc. on Regulation A Public Offering
On April 8, 2021, Exodus Movement, Inc., the developer of the Exodus Wallet, a leading non-custodial cryptocurrency software platform, commenced its offering pursuant to Regulation A under the Securities Act of 2,733,229 shares of Class A common stock, of which 1,914,661 shares are offered by Exodus and 818,568 shares are offered by certain of Exodus’ existing stockholders, at a price per share of $27.42, payable in Bitcoin, Ethereum or the USDC stablecoin. The offering is being conducted exclusively on the Exodus Wallet. Exodus intends that each share of Class A common stock will be represented by digital common stock tokens viewable through the Exodus Wallet within the next nine months. Wilson Sonsini Goodrich & Rosati is representing Exodus in the transaction.
Founded in 2015, Exodus is a multi-asset software wallet that makes cryptocurrency and digital assets easy for everyone. Available for both desktop and mobile, Exodus allows users to secure, manage, and exchange cryptocurrencies such as Bitcoin, Ethereum, Ripple, and more across an industry-leading 10,000-plus asset pairs from an easy-to-use wallet. The non-custodial functionality is encrypted locally on users’ own devices, ensuring privacy, security, and complete control over their wealth. Exodus is on a mission to empower half the world to exit the traditional finance system by 2030.
The Wilson Sonsini team representing Exodus includes:
Founded in 2015, Exodus is a multi-asset software wallet that makes cryptocurrency and digital assets easy for everyone. Available for both desktop and mobile, Exodus allows users to secure, manage, and exchange cryptocurrencies such as Bitcoin, Ethereum, Ripple, and more across an industry-leading 10,000-plus asset pairs from an easy-to-use wallet. The non-custodial functionality is encrypted locally on users’ own devices, ensuring privacy, security, and complete control over their wealth. Exodus is on a mission to empower half the world to exit the traditional finance system by 2030.
The Wilson Sonsini team representing Exodus includes:
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.