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Wilson Sonsini Advises Azurity on IP Matters Related to Slayback Pharma Acquisition
On September 27, 2023, Azurity Pharmaceuticals, Inc. announced the closing of its acquisition of Slayback Pharma LLC from existing investors including KKR, a leading global investment firm, and Everstone Capital. Slayback is now a wholly-owned subsidiary of Azurity. Wilson Sonsini Goodrich & Rosati advised Azurity on IP matters related to the transaction.
The acquisition brings together companies with complementary strengths, enhancing Azurity’s ability to realize its purpose of Serving Overlooked Patients. The combined development portfolios are expected to yield a significant number of new medicine launches over the coming years.
The Wilson Sonsini team that advised Azurity on IP matters related to the acquisition includes Clark Lin, Wendy Devine, Ying Chen, Shu Boboila, Xiaoyang Tang, Kevin Tylock, and Johnson Truong.
The acquisition brings together companies with complementary strengths, enhancing Azurity’s ability to realize its purpose of Serving Overlooked Patients. The combined development portfolios are expected to yield a significant number of new medicine launches over the coming years.
The Wilson Sonsini team that advised Azurity on IP matters related to the acquisition includes Clark Lin, Wendy Devine, Ying Chen, Shu Boboila, Xiaoyang Tang, Kevin Tylock, and Johnson Truong.
Client Highlights
Wilson Sonsini Advises Adela on Patent Matters Related to $48 Million Financing
On September 25, 2023, Adela, Inc., an innovator in blood testing for minimal residual disease monitoring and early cancer detection through a genome-wide methylome approach, announced the completion of a $48 million financing. The round includes existing investors F-Prime Capital, OrbiMed, Deerfield Management, Decheng Capital, and RA Capital Management, as well as new investor Labcorp. Wilson Sonsini Goodrich & Rosati advised Adela on patent matters related to the transaction.
Client Highlights
Firm Advises Soleno Therapeutics on $120 Million Public Offering and Concurrent Private Placement
On September 28, 2023, Soleno Therapeutics, a clinical-stage biopharmaceutical company delivering novel therapeutics for the treatment of rare diseases, announced the pricing of the underwritten public offering of 3,000,000 shares of its common stock at a public offering price of $20.00 per share. The gross proceeds of the public offering are expected to be approximately $60.0 million, before deducting the underwriting discount and other estimated offering expenses. Soleno has also granted the underwriters a 30-day option to purchase up to 450,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
Client Highlights
Wilson Sonsini Advises Anthropic in Connection with Amazon Partnership
On September 25, 2023, Amazon announced it is investing up to $4 billion into the AI start-up Anthropic. As part of the deal, AWS will become the “primary” cloud provider for Anthropic, with the AI company using Amazon’s cloud platform to do “the majority” of its AI model development and research into AI safety, the companies said. That will include using Amazon’s suite of in-house AI chips and collaborating on the development of future AI chips. Anthropic made a “long-term commitment” to offer its AI models to AWS customers, Amazon said, and promised to give AWS users early access to features such as the ability to adapt Anthropic models for specific use cases. In Anthropic’s press release, it said that Amazon developers and engineers will be able to build on top of Anthropic’s models to incorporate generative AI capabilities into their work. Anthropic further emphasized that Amazon’s minority stake would not change its corporate governance structure nor its commitments to developing AI responsibly, and that Anthropic and Amazon would work together to ensure responsible use of Anthropic’s products.
Client Highlights
Wilson Sonsini Advises Arbor Energy on $9 Million Seed Round
On September 7, 2023, digital energy company Arbor Energy announced it has raised a $9 million seed round led by First Round Capital, with participation from Obvious Ventures, Spring Tide, and strategic angels such as Jon Stein (Co-Founder of Betterment), JD Ross (Co-Founder of Opendoor), Patrick Maloney (Founder of Inspire and Clean Industry Ventures), and Kiran Bhatraju (Co-Founder and CEO of Arcadia), among others. Wilson Sonsini Goodrich and Rosati advised Arbor on the transaction.
Arbor is the first robo-advisor for energy, saving people an estimated $500 in the first year by monitoring how much they pay for energy and helping them automatically switch to a cheaper rate with the same utility. Today, Arbor is available to homeowners and renters across 50 million households in deregulated energy markets, which includes most of the Northeast, Midwest, and Texas. Arbor founder and CEO Andrew Meyer says that the energy robo-adviser is only the first product and that Arbor plans to develop more tools around energy and data.
Arbor is the first robo-advisor for energy, saving people an estimated $500 in the first year by monitoring how much they pay for energy and helping them automatically switch to a cheaper rate with the same utility. Today, Arbor is available to homeowners and renters across 50 million households in deregulated energy markets, which includes most of the Northeast, Midwest, and Texas. Arbor founder and CEO Andrew Meyer says that the energy robo-adviser is only the first product and that Arbor plans to develop more tools around energy and data.
Client Highlights
Wilson Sonsini Advises Applied Molecular Transport Inc. in its Sale to Cyclo Therapeutics
On September 21, 2023, Cyclo Therapeutics, Inc., a clinical stage biotechnology company focused on developing transformative therapies for rare and neurological diseases with limited treatment options, and Applied Molecular Transport Inc. (AMT), a biopharmaceutical company, announced that the companies have entered into a definitive agreement pursuant to which AMT will merge with Cyclo Therapeutics in an all-stock transaction. Wilson Sonsini Goodrich and Rosati is advising AMT on the transaction.
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.