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Client Highlights
Wilson Sonsini Represents HashiCorp in Initial Public Offering
On December 8, 2021, HashiCorp®, a leader in multi-cloud infrastructure automation software, announced the pricing of its initial public offering of 15,300,000 shares of its Class A common stock at a public offering price of $80.00 per share. All of the shares are being offered by HashiCorp. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by HashiCorp, are expected to be $1.22 billion. The shares began trading on the Nasdaq Global Select Market on December 9, 2021, under the ticker symbol “HCP.” The offering is expected to close on December 13, 2021, subject to the satisfaction of customary closing conditions. In addition, HashiCorp has granted the underwriters a 30-day option to purchase up to an additional 2,295,000 shares of Class A common stock at the initial public offering price, less the underwriting discounts and commissions.
Client Highlights
Wilson Sonsini Advises Chroma on Patent, Technology Transactions Matters Related to $125 Million Financing and Launch
On November 17, 2021, Chroma Medicine, a new genomic medicine company pioneering epigenetic editing, launched with $125 million in financing. Atlas Venture and Newpath Partners seeded the company with participation from Sofinnova Partners. The Series A was led by Cormorant Asset Management with participation by Casdin Capital, Janus Henderson Investors, Omega Funds, funds and accounts advised by T. Rowe Price Associates, Inc., and Wellington Management, in addition to all seed investors. The financing will support continued development of the company's epigenetic editing platform and advancement of its pipeline of targeted therapeutics. Wilson Sonsini Goodrich & Rosati advised Chroma on patent and technology transactions matters related to the financing and launch.
Client Highlights
Wilson Sonsini Advises Cerebral on $300 Million Series C Funding
On December 8, 2021, Cerebral Inc. announced the close of its $300 million Series C round led by the SoftBank Vision Fund 2. The round also included participation from new and existing investors, including Prysm Capital, Access Industries, WestCap Group, and ARTIS Ventures. Having launched less than two years ago, this round brings the company’s total funding to $462 million. Wilson Sonsini Goodrich & Rosati advised Cerebral on the transaction.
Client Highlights
Wilson Sonsini Advises EVERY on Oversubscribed $175 Million Series C
On December 7, 2021, The EVERY Company, the leading precision fermentation platform accelerating a global transition to animal-free protein, announced it has closed $175 million in Series C financing. The round was co-led by new investor, McWin, and existing investor, Rage Capital. Other new and existing investors joined the round including Temasek, Grosvenor’s Wheatsheaf Group, and TO Ventures. Prosus Ventures also contributed to the funding, marking its first investment in synthetic biology. Notably, the Series C round raised by EVERY™ (formerly Clara Foods) was heavily oversubscribed due to strong investor appetite to fill the growing supply gap for animal-free protein and ingredient solutions. The Series C round brings EVERY’s total funding to $233 million. EVERY™ will use the capital to scale production, commercialize a robust pipeline of animal-free protein products nationwide, and expand into a broad array of new food applications. EVERY™ will also continue to expand its protein production platform by mining the egg proteome for novel, hyper-functional proteins.
Client Highlights
Wilson Sonsini Advises Recursion on Machine Learning-Based Drug Discovery Collaboration with Roche, Genentech
On December 7, 2021, Recursion, a clinical-stage biotechnology company decoding biology to radically improve lives by industrializing drug discovery, development, and beyond, announced a transformational collaboration with Roche and Genentech, a member of the Roche Group. Recursion will work with both Roche and Genentech's R&D units to leverage technology-enabled drug discovery through the Recursion Operating System (OS) to more rapidly identify novel targets and advance medicines in key areas of neuroscience as well in an oncology indication. Under the terms of the agreement, Recursion will receive an upfront payment of $150 million and is eligible for additional performance-based research milestones. Under the collaboration, Roche and Genentech (combined) may initiate up to 40 programs, each of which, if successfully developed and commercialized, could yield more than $300 million in development, commercialization, and net sales milestones for Recursion, as well as tiered royalties on net sales.
Client Highlights
Wilson Sonsini Secures Jury Trial Victory for Epistar in Patent Litigation
On December 6, 2021, Wilson Sonsini secured a jury trial victory for Taiwan-based semiconductor company Epistar Corporation against Lowe’s Home Centers in the U.S. District Court for the Central District of California.
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.