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Client Highlights
Wilson Sonsini Advises Iterative Scopes on $150 Million Series B Funding
On January 19, 2022, Iterative Scopes, a pioneer in the development of precision-based gastrointestinal (GI) disease technologies and software, announced that it has raised $150 million in Series B financing to accelerate development of its core algorithmic innovations that are designed to transform gastroenterology care for patients. The round was co-led by Insight Partners and Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”), as well as by returning investors Obvious Ventures, Johnson and Johnson Innovation-JJDC Inc., Eli Lilly, Breyer Capital, and other industry and financial leaders. Wilson Sonsini Goodrich & Rosati advised Iterative Scopes on the transaction.
Client Highlights
Wilson Sonsini Advises Codex DNA on Collaboration, License Agreement with Pfizer
On January 10, 2022, Codex DNA, a leader in the development of automated solutions for on-demand synthesis of genes and mRNA, announced a strategic collaboration and licensing agreement with Pfizer to access and further develop Codex DNA’s novel EDS technology for potential application by Pfizer for its mRNA-based vaccines and other biopharma products. Wilson Sonsini Goodrich & Rosati advised Codex DNA on the transaction.
The financial terms of the deal include an upfront payment from Pfizer to Codex DNA, along with success-based technical milestone payments that could be earned in the near term. Codex DNA is also eligible to receive additional milestone payments based on the achievement of specified development, regulatory, and commercialization goals associated with any products developed from the application of Codex DNA’s technology developed and licensed under the agreement. With this agreement, Pfizer gains early access to custom, state-of-the-art Codex DNA technology, including use of its proprietary short oligo ligation assembly (SOLA) EDS technology. SOLA EDS is a patent-pending, sustainable, scalable, and cost-effective research approach designed to significantly reduce timelines for constructing synthetic DNA, RNA, and protein, which could potentially lead to more efficient and effective research and development of mRNA-based vaccines, therapeutics, personalized medicines, and other biopharma products.
The financial terms of the deal include an upfront payment from Pfizer to Codex DNA, along with success-based technical milestone payments that could be earned in the near term. Codex DNA is also eligible to receive additional milestone payments based on the achievement of specified development, regulatory, and commercialization goals associated with any products developed from the application of Codex DNA’s technology developed and licensed under the agreement. With this agreement, Pfizer gains early access to custom, state-of-the-art Codex DNA technology, including use of its proprietary short oligo ligation assembly (SOLA) EDS technology. SOLA EDS is a patent-pending, sustainable, scalable, and cost-effective research approach designed to significantly reduce timelines for constructing synthetic DNA, RNA, and protein, which could potentially lead to more efficient and effective research and development of mRNA-based vaccines, therapeutics, personalized medicines, and other biopharma products.
Client Highlights
Wilson Sonsini Advises Verana Health on $150 Million Series E Funding
On January 14, 2022, Verana Health, a digital health company that delivers quality drug lifecycle and medical practice insights from an exclusive real-world data network, announced a $150 million Series E funding round led by Johnson & Johnson Innovation and Novo Growth, the growth-stage investment arm of Novo Holdings. Existing Verana Health investors GV (formerly Google Ventures), Casdin Capital, and Brook Byers also joined the round, as well as notable new investors, including the Merck Global Health Innovation Fund, THVC, and Breyer Capital. Verana Health plans to use the proceeds of the investment to advance its life sciences product and service strategy across the drug lifecycle, further enhance its value proposition to healthcare providers participating in its real-world data network, and expand its data footprint through medical society and strategic partnerships.
Client Highlights
Firm Advises Insilico Medicine on Drug Discovery Collaboration with Fosun Pharma
On January 11, 2022, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., a leading innovation-driven international healthcare group in China, and Insilico Medicine, an end-to-end artificial intelligence (AI)-driven drug discovery and development company, announced that they have entered into a collaboration agreement to advance the discovery and development of drugs targeting a number of different targets globally through the use of AI technology. Wilson Sonsini Goodrich & Rosati advised Insilico on the transaction.
Client Highlights
Wilson Sonsini Advises ABL Bio on Global Collaboration, License Agreement with SANOFI
On January 11, 2022, ABL Bio, Inc., a clinical-stage biotech developing bispecific antibody technology for immuno-oncology and neurodegenerative diseases, announced an exclusive collaboration and worldwide license agreement with SANOFI to develop and commercialize ABL301, a pre-clinical stage bispecific antibody targeting alpha-synuclein and IGF1R to treat Parkinson's disease and other potential indications with enhanced blood-brain barrier (BBB) penetration. Under the terms of the agreement, ABL will receive $75 million in upfront payments. In addition, ABL is eligible to receive up to $985 million based on the achievement of predefined development, regulatory and commercialization milestones, including $45 million in near-term milestones. ABL is also eligible to receive royalties on net sales if the product from the collaboration is commercialized. The transaction will become effective after customary closing conditions are met, such as the HSR clearance. SANOFI will receive worldwide exclusive development and commercialization rights to ABL301. Meanwhile, ABL will lead the preclinical development and Phase 1 clinical trial of ABL301. Thereafter, SANOFI will be responsible for further clinical development, regulatory approval and commercialization of ABL301 worldwide.
Client Highlights
Wilson Sonsini Advises GoFundMe on Acquisition of Classy
On January 13, 2022, GoFundMe, the trusted leader in online fundraising, announced it has signed a definitive agreement to acquire Classy, a leading modern nonprofit fundraising software company. The addition of Classy accelerates opportunities to service the nearly $500 billion U.S. philanthropic market as GoFundMe aims to be the most helpful place in the world. Wilson Sonsini Goodrich & Rosati is advising GoFundMe on the transaction.
The Entrepreneurs Report - Q3 2021
In this latest issue of The Entrepreneurs Report, we’ve compiled a range of data on venture financing transactions in which the firm was involved during Q3 2021, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. This edition also highlights the firm’s partnership with Morgan Stanley at Work to integrate Shareworks into Neuron; our recent announcement about a new Salt Lake City office; and data from Beauhurst—a searchable database of the UK's high-growth companies—on UK equity investment in Q3 2021.