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Client Highlights
Wilson Sonsini Advises Infinitum Electric on $80 Million Series D
On May 17, 2022, Infinitum Electric, a company creating a sustainable, air-core motor, announced $80 million in Series D funding to scale motor production to meet increasing demand. Infinitum Electric’s patented air-core motor design replaces heavy iron used in traditional motors with a lightweight, printed circuit board to generate the same power in half the size and weight, at a fraction of the noise and carbon footprint created by conventional motors. Infinitum Electric will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments, and complete development and commercialization of a traction motor for the rapidly growing electric vehicle market, where its breakthrough power density can significantly extend the range of electric vehicles. Wilson Sonsini Goodrich & Rosati represented Infinitum Electric in the transaction.
Client Highlights
Wilson Sonsini Advises Mirvie on $60 Million Series B
On May 17, 2022, Mirvie, a pioneer in predicting unexpected pregnancy complications, announced it has raised $60 million in a Series B funding round. The financing was led by Decheng Capital with additional funding from funds and accounts managed by BlackRock, Foresite Capital, General Catalyst, GV, Khosla Ventures, and Mayfield as well as a debt facility with Comerica Bank. The round brings Mirvie’s total funding to date to $90 million. Wilson Sonsini Goodrich & Rosati represented Mirvie on the Series B financing and has advised the company since its inception.
Client Highlights
Wilson Sonsini Obtains Securities Litigation Win for Dropbox
On May 13, 2022, the California Court of Appeal affirmed a decision dismissing a lawsuit filed in state court against Dropbox, its officers, its board of directors, the underwriters, and certain venture capitalists for alleged violations of Section 11 of the Securities Act of 1933 (’33 Act). The suit arose out of Dropbox’s March 2018 IPO, with the plaintiff alleging that Dropbox made false or misleading statements in its registration statement and prospectus. Dropbox moved to dismiss, invoking its Federal Forum Provision (FFP)—a bylaw that states that any lawsuit brought under the ’33 Act must be brought in federal court. Building upon the firm’s win in Salzberg v. Sciabacucchi, in which the Delaware Supreme Court confirmed the validity of FFPs, the California Court of Appeal agreed with the trial court’s ruling that Dropbox’s FFP did not violate the ‘33 Act’s anti-waiver or anti-removal provisions, was constitutional under the Commerce Clause and the Supremacy Clause, and was enforceable under California law. Wilson Sonsini Goodrich & Rosati represented Dropbox in the matter.
Client Highlights
Wilson Sonsini Advises Habi on $200 Million Series C
On May 11, 2022, Habi, a data-driven residential real estate platform, announced that it had raised $200 million in equity in its Series C funding round, becoming the first Property Technology (PropTech) unicorn in Spanish-speaking Latin America. The company’s Series C also represents the largest funding round and only unicorn valuation with a female founder and CEO in Latin America. The funding round was led by Homebrew and SoftBank Latin America Funds, with participation from Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte, Tiger Global, Inspired Capital, Clocktower Ventures, Endeavor Catalyst, and Henry Kravis, among others. Wilson Sonsini Goodrich & Rosati advised Habi on the transaction.
Habi empowers low- and middle-income consumers in the housing sector by providing access to liquidity and information in a market where data is limited and the majority of homes are not listed online. Habi plans to use the capital raised in the funding round to continue to expand its geographic presence on a path to cover all major cities across Spanish-speaking Latin America and deepen its suite of offerings, with a focus on embedded financial services.
Habi empowers low- and middle-income consumers in the housing sector by providing access to liquidity and information in a market where data is limited and the majority of homes are not listed online. Habi plans to use the capital raised in the funding round to continue to expand its geographic presence on a path to cover all major cities across Spanish-speaking Latin America and deepen its suite of offerings, with a focus on embedded financial services.
Client Highlights
Wilson Sonsini Advises Paddle on $200 Million Series D
On May 10, 2022, Paddle, the provider of a complete payments infrastructure for SaaS companies, announced it had raised $200 million in Series D equity and debt financing at a valuation of $1.4 billion, making it the UK's latest unicorn. Led by KKR, a leading global investment firm, with participation from existing investors FTV Capital, 83North, Notion Capital, Kindred Capital, and debt financing from Silicon Valley Bank, the investment brings the total Paddle has raised to date to $293 million. Wilson Sonsini Goodrich & Rosati advised Paddle on the transaction, in collaboration with Taylor Wessing.
Paddle will use this investment to strengthen the growth of its platform and to meet the market opportunity that exists for a complete payment infrastructure provider for software companies globally, which will assist in enabling them to scale and sell their products faster, with less risk and lower costs.
Paddle will use this investment to strengthen the growth of its platform and to meet the market opportunity that exists for a complete payment infrastructure provider for software companies globally, which will assist in enabling them to scale and sell their products faster, with less risk and lower costs.
Client Highlights
Firm Advises LaNova Medicines on Exclusive License Agreement with Turning Point Therapeutics
On May 5, 2022, Turning Point Therapeutics, Inc., a clinical-stage precision oncology company designing and developing novel targeted therapies for cancer treatment, announced that it has entered into an exclusive license agreement with LaNova Medicines Limited to develop and commercialize LM-302, a novel antibody drug conjugate (ADC) targeting Claudin18.2, in the U.S. and the rest of the world, excluding Greater China and South Korea. Wilson Sonsini Goodrich & Rosati advised LaNova on licensing and patent matters related to the transaction.
Under the terms of the licensing agreement, LaNova will receive an upfront payment of $25 million and will be eligible to receive up to an additional $195 million in development and regulatory milestone payments. In addition, LaNova is eligible to receive commercial sales milestones and tiered royalties ranging from mid-single-digit to mid-teens percentages on net sales (subject to customary deductions). As part of the agreement, both parties agreed to potentially broaden the partnership by collaborating on up to three additional ADC programs.
Claudin18.2 is a protein expressed in many gastrointestinal cancers, including gastric, gastroesophageal junction, and pancreatic cancer. LM-302, which going forward will be identified as TPX-4589, is currently in Phase 1 clinical trials in both the U.S. and China. TPX-4589 (LM-302) is a potentially first-in-class anti-Claudin18.2 ADC discovered by LaNova that suppresses cell proliferation of gastric and pancreatic cell lines with nanomolar potency in preclinical models. It also has demonstrated efficacy in gastric and pancreatic cancer xenograft models.
The Wilson Sonsini team that advised LaNova on the transaction included technology transactions partner Alex Key and Of Counsel Chi-Fei Wang, and patents and innovations Senior Of Counsel Karen Wong and Of Counsel Richard Wang.
Under the terms of the licensing agreement, LaNova will receive an upfront payment of $25 million and will be eligible to receive up to an additional $195 million in development and regulatory milestone payments. In addition, LaNova is eligible to receive commercial sales milestones and tiered royalties ranging from mid-single-digit to mid-teens percentages on net sales (subject to customary deductions). As part of the agreement, both parties agreed to potentially broaden the partnership by collaborating on up to three additional ADC programs.
Claudin18.2 is a protein expressed in many gastrointestinal cancers, including gastric, gastroesophageal junction, and pancreatic cancer. LM-302, which going forward will be identified as TPX-4589, is currently in Phase 1 clinical trials in both the U.S. and China. TPX-4589 (LM-302) is a potentially first-in-class anti-Claudin18.2 ADC discovered by LaNova that suppresses cell proliferation of gastric and pancreatic cell lines with nanomolar potency in preclinical models. It also has demonstrated efficacy in gastric and pancreatic cancer xenograft models.
The Wilson Sonsini team that advised LaNova on the transaction included technology transactions partner Alex Key and Of Counsel Chi-Fei Wang, and patents and innovations Senior Of Counsel Karen Wong and Of Counsel Richard Wang.
Q1 2022 Entrepreneurs Report
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 the first quarter of 2022, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. In addition, this edition includes an article on the firm being named to Fast Company’s “World’s Most Innovative Companies in North America” list and data from Beauhurst—a searchable database of the UK's high-growth companies—on UK equity investment in Q1 2022.