2023 Medical DeviceDigital Health Conference
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Client Highlights
Wilson Sonsini Advises Multiverse on Acquisition of Eduflow
On May 22, 2023, Multiverse, a UK education technology unicorn that works with organizations to develop apprenticeships and helps source promising, diverse candidates to fill those roles, announced it has acquired Eduflow, one of Europe’s most dynamic education start-ups. Eduflow has built a world-class educational platform to manage social learning; its platform is used by thousands of learners. The acquisition will enable Multiverse to accelerate the learning of its apprentices and results that businesses see from their programs.
Client Highlights
Wilson Sonsini Advises Sami Health on $18 Million Series B
On June 2, 2023, Sami, a Brazilian insurtech and primary care start-up, raised $18 million in Series B funding led by Redpoint Ventures and Mundi Ventures. Though Brazil offers universal healthcare, about 25 percent of its population seek out private insurance in hope of better and faster care. Sami lowers the cost of care because it is both the primary health care provider and the insurance company, says CEO Guilherme Berardo. "The way we make money is by lowering the hospital admission rates through better clinical intervention," he says. About 95 percent of Sami's primary care work happens digitally—via text messages or video calls or through the app. The company has about 18,000 users and has raised about $53 million from investors including Monashees and Valor Capital.
Wilson Sonsini Goodrich & Rosati represented Sami Health in the transaction. The Wilson Sonsini team was led by Matt Squires, Cesar Fischer, Luis Fortuño, and Nabiila Hendryani-Soehedi.
For more information, please see Axios' news coverage of the transaction.
Wilson Sonsini Goodrich & Rosati represented Sami Health in the transaction. The Wilson Sonsini team was led by Matt Squires, Cesar Fischer, Luis Fortuño, and Nabiila Hendryani-Soehedi.
For more information, please see Axios' news coverage of the transaction.
Client Highlights
Firm Advises Seal Rock Therapeutics on Out-Licensing Agreement with GENFIT
On May 31, 2023, clinical-stage company Seal Rock Therapeutics announced an out-licensing agreement with biopharmaceutical company GENFIT to develop an injectable formulation of SRT-015 to treat acute liver disease. Wilson Sonsini Goodrich & Rosati advised Seal Rock on the transaction.
Seattle-based Seal Rock is a privately held company that focuses on developing treatments for severe diseases with limited or no available therapies. SRT-015 is a second-generation liver-selective inhibitor that will be available in an oral formulation to treat severe acute alcoholic hepatitis as well as orphan liver diseases.
As part of the agreement, Seal Rock is eligible to receive up to €100 million, which includes regulatory, clinical, and commercial milestone payments, plus tiered royalties.
The Wilson Sonsini team advising Seal Rock includes Miranda Biven, Sai Upadhyayula, Ingo Hardt, Jim Malecha, and Christina Hoong.
For more information, please see the press release.
Seattle-based Seal Rock is a privately held company that focuses on developing treatments for severe diseases with limited or no available therapies. SRT-015 is a second-generation liver-selective inhibitor that will be available in an oral formulation to treat severe acute alcoholic hepatitis as well as orphan liver diseases.
As part of the agreement, Seal Rock is eligible to receive up to €100 million, which includes regulatory, clinical, and commercial milestone payments, plus tiered royalties.
The Wilson Sonsini team advising Seal Rock includes Miranda Biven, Sai Upadhyayula, Ingo Hardt, Jim Malecha, and Christina Hoong.
For more information, please see the press release.
Client Highlights
Firm Advises 4me on Strategic Investment
On May 25, 2023, SaaS-based IT service management software vendor 4me announced a strategic growth investment led by growth equity firm PSG. Wilson Sonsini Goodrich & Rosati advised 4me on the transaction.
Along with the investment, 4me announced that Kevin McGibben was named as CEO and chairman, and that co-founders Cor Winkler Prins, Laurens Pit, and Mathijs Sterk will continue their involvement in the business.
Along with the investment, 4me announced that Kevin McGibben was named as CEO and chairman, and that co-founders Cor Winkler Prins, Laurens Pit, and Mathijs Sterk will continue their involvement in the business.
Client Highlights
Wilson Sonsini Advises Seagate on $1 Billion Senior Notes Offering
On May 24, 2023, Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings plc, priced an offering of $500 million in aggregate principal amount of its 8.25 percent senior notes due 2029 and $500 million in aggregate principal amount of its 8.50 percent senior notes due 2031. The sale of the notes closed on May 30, 2023. Seagate intends to use a portion of the net proceeds from the sale of the notes to redeem in full its 4.875 percent senior notes due 2024 promptly following the offering, to repay $450.0 million in aggregate principal amount of the term loans outstanding under its credit agreement and for general corporate purposes, which may include repayment of other outstanding indebtedness, capital expenditures, and other investments in the business.
Client Highlights
Wilson Sonsini Advises Embark Technology on Acquisition by Applied Intuition
On May 25, 2023, Applied Intuition, Inc., a tooling and software provider for autonomous vehicle development, and Embark Technology, Inc., an autonomous trucking software company, announced that the companies have entered into a definitive merger agreement under which Applied will acquire Embark in an all-cash transaction in which Embark shareholders will receive $2.88 per share in cash. Wilson Sonsini Goodrich & Rosati is advising Embark and its Transaction Committee on the transaction.
Founded in 2016, Embark has built a robust autonomous software stack that uses machine learning methodologies for perception while relying on a safety-redundant compute system. Embark also developed a custom-built hardware platform optimized for autonomy and has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. Applied aims to integrate Embark's internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries.
The transaction, which has been approved unanimously by the boards of directors of both companies, is expected to close in Q3 2023 and is subject to approval by Embark shareholders and other customary closing conditions. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will become a privately held company.
The Wilson Sonsini team advising Embark and its Transaction Committee on the acquisition includes:
Founded in 2016, Embark has built a robust autonomous software stack that uses machine learning methodologies for perception while relying on a safety-redundant compute system. Embark also developed a custom-built hardware platform optimized for autonomy and has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. Applied aims to integrate Embark's internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries.
The transaction, which has been approved unanimously by the boards of directors of both companies, is expected to close in Q3 2023 and is subject to approval by Embark shareholders and other customary closing conditions. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will become a privately held company.
The Wilson Sonsini team advising Embark and its Transaction Committee on the acquisition includes:
The Life Sciences Report – June 2023
This latest issue features an article on Enliven Therapeutics’ reverse merger with Imara and concurrent financing, including an interview with Enliven co-founder and CEO Sam Kintz; a piece on trends in digital health following the end of the COVID-19 public health emergency; and an analysis of life sciences venture financings in which clients participated across the first and second halves of 2022. It also includes details on the life sciences-focused NextGen VC Forum hosted by Wilson Sonsini and LaunchBio, a preview of the U.S.-Japan Healthcare Connection’s trade mission and roadshow for healthcare companies, a recap of the firm’s inaugural 1L Life Sciences Summit, and select life sciences client highlights, among other content.