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Client Highlights
Wilson Sonsini Advises Couchbase on $230 Million IPO
On July 26, 2021, Couchbase, Inc., a provider of a leading modern database for enterprise applications, closed its initial public offering of 9,589,999 shares of its common stock at a public offering price of $24.00 per share, which included the full exercise by the underwriters of their option to purchase an additional 1,250,869 shares of common stock. Aggregate gross proceeds to Couchbase were approximately $230 million, before underwriting discounts, commissions, and estimated offering expenses. Couchbase's common stock is listed on the Nasdaq Global Select Market under the ticker symbol “BASE.” Wilson Sonsini Goodrich & Rosati represented Couchbase in the offering.
Client Highlights
Wilson Sonsini Advises Epic on Its $500 Million Acquisition By BYJU’S
On July 21, 2021, the global leader in personalized online learning, BYJU’s (backed by General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global, and other notable investors), announced a $500 million acquisition of Epic, the world’s leading digital reading platform for kids 12 and under. The acquisition will help expand BYJU’S U.S. footprint by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user base, which more than doubled over the last year. Wilson Sonsini Goodrich & Rosati represented Epic in the transaction.
Client Highlights
Wilson Sonsini Advises Aristea Therapeutics Strategic Collaboration and $63 Million Series B Financing
On July 27, 2021, Arena Pharmaceuticals, Inc. and Aristea Therapeutics, Inc. announced a strategic collaboration to advance the clinical development of RIST4721, an oral CXCR2 antagonist being developed for the treatment of palmoplantar pustulosis (PPP) and other neutrophil-mediated diseases. Wilson Sonsini advised Aristea Therapeutics in the transaction.
Client Highlights
Wilson Sonsini Advises Inspire Energy Capital on Acquisition by Shell
On July 27, 2021, Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc, announced that it has signed an agreement to buy 100 percent of the equity interests of Inspire Energy Capital LLC, a renewable energy residential retailer with headquarters in Santa Monica, California, and Philadelphia, Pennsylvania. Wilson Sonsini Goodrich & Rosati advised Inspire Energy Capital on the transaction.
Inspire offers renewable energy to customers through a variety of innovative services and subscription plans and incentivizes customers to manage energy usage via a rewards program within its mobile app. The company currently serves approximately 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington, D.C. The acquisition of Inspire accelerates Shell’s digital ambitions in the power sector by utilizing data-driven, digitally enabled platforms to simplify customers’ decarbonization journeys.
Following the close of the transaction—which is expected by Q4 2021, subject to regulatory clearance and the satisfaction of closing conditions—Inspire will be a wholly owned subsidiary of Shell, operating under its existing brand within Shell’s Renewables & Energy Solutions integrated power business.
Inspire offers renewable energy to customers through a variety of innovative services and subscription plans and incentivizes customers to manage energy usage via a rewards program within its mobile app. The company currently serves approximately 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington, D.C. The acquisition of Inspire accelerates Shell’s digital ambitions in the power sector by utilizing data-driven, digitally enabled platforms to simplify customers’ decarbonization journeys.
Following the close of the transaction—which is expected by Q4 2021, subject to regulatory clearance and the satisfaction of closing conditions—Inspire will be a wholly owned subsidiary of Shell, operating under its existing brand within Shell’s Renewables & Energy Solutions integrated power business.
Client Highlights
Wilson Sonsini Represents Totient in Acquisition by AbSci
On June 14, 2021, AbSci, the synthetic biology company unlocking the potential of proteins as next-generation therapeutics, announced the acquisition of Totient, a discovery company harnessing human immune responses to identify novel antibodies and their therapeutic targets. The acquisition adds antibody and target discovery technology to AbSci's platform for therapeutic protein design and biomanufacturing optimization. Wilson Sonsini Goodrich & Rosati represented Totient in the transaction.
Client Highlights
Wilson Sonsini Advises Medallia on $6.4 Billion Acquisition by Thoma Bravo
On July 26, 2021, Medallia, Inc., a global leader in customer and employee experience, announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm, in an all-cash transaction that values Medallia at $6.4 billion. Through this transaction, Medallia will become a private company with additional resources and greater flexibility to build on its innovation leadership and expand its customer impact. Additionally, the transaction will allow Medallia to benefit from the operating capabilities, capital support, and deep sector expertise of Thoma Bravo. Wilson Sonsini Goodrich & Rosati represented Medallia in the acquisition.
Under the terms of the agreement, Medallia shareholders will receive $34.00 per share in cash, which represents a premium of approximately 20 percent to Medallia’s unaffected closing stock price on June 10, 2021, the last full trading day prior to media reports regarding a possible transaction, and a premium of approximately 29 percent to Medallia’s unaffected 30-day average price.
Under the terms of the agreement, Medallia shareholders will receive $34.00 per share in cash, which represents a premium of approximately 20 percent to Medallia’s unaffected closing stock price on June 10, 2021, the last full trading day prior to media reports regarding a possible transaction, and a premium of approximately 29 percent to Medallia’s unaffected 30-day average price.
The Life Sciences Report - Q1 2021
In this issue, we feature articles on managing IP development and capture at growing medtech start-ups, life sciences venture financings in which firm clients participated during 2020, the U.S.-Japan Healthcare Connection's virtual conference on the coming revolution in healthcare, and the Biden administration's signing of two bipartisan bills that aim to promote drug competition and reduce prescription drug prices, as well as a summary of select recent life sciences client highlights.