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Leading Matters
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.
Client Highlights
Wilson Sonsini Secures Victory for Epistar in Patent Damages Trial
On September 15, 2023, Wilson Sonsini Goodrich & Rosati secured a complete jury victory in a patent damages trial in the U.S. District Court for the Central District of California on behalf of firm client and plaintiff Epistar in Epistar Corp. v. Lowe’s Home Centers LLC, No. 17-cv-3219-JAK. Following a three-day jury trial, the jury returned a complete victory for Epistar, awarding the requested running royalty rate of 4 percent and full royalty base that Epistar sought. Earlier in this case, another jury found each and every patent-in-suit both valid and infringed, findings that the trial court has already upheld.
Client Highlights
Wilson Sonsini Advises Roblox on Acquisition of Speechly
On September 20, 2023, Roblox announced it acquired Speechly, a leading provider of speech recognition tools for voice chat moderation. Founded in 2016, Speechly's mission is to use voice technology to enable more delightful human computer voice interactions, and to empower and enhance communication between people. Speechly developed a speech recognition product that allowed fast, real-time and cost-efficient voice moderation helping developers reduce toxic behavior in online communities. Roblox is building the leading platform for 3D immersive communication and connection. With the addition of Speechly's new voice features, Roblox is solving new challenges—moderating spoken language in real time. Terms of the transaction were not disclosed.
Client Highlights
Wilson Sonsini Advises Mottu on $50 Million Series C
On September 15, 2023, Mottu, a Brazilian motorcycle rental company and last-mile delivery marketplace, announced it has raised $50 million in a Series C round of funding co-led by QED Investors and Bicycle Capital. Endeavor Catalyst and Caravela also participated in the round. The latest funding round has attracted world class investors, further enhancing Mottu's cap table that boasts notable names like Michael Moritz, Base Partners, and Tiger Global. Wilson Sonsini Goodrich and Rosati represented Mottu in the transaction.
Mottu will use the funds to continue expanding in Brazil and Mexico, achieving greater operational efficiency, and providing its customers with a better experience across all its products. Mottu's motorcycle rental business now serves around 50,000 customers, and it has evolved into a comprehensive last-mile logistics ecosystem connecting restaurants, retailers, and e-commerce businesses with delivery couriers. Now, the company is also entering the mobility market, focused on the large population of commuters in Brazil and Mexico who frequently rely on public transportation services with poor quality.
The Wilson Sonsini LatAm team that advised Mottu on the transaction includes:
Mottu will use the funds to continue expanding in Brazil and Mexico, achieving greater operational efficiency, and providing its customers with a better experience across all its products. Mottu's motorcycle rental business now serves around 50,000 customers, and it has evolved into a comprehensive last-mile logistics ecosystem connecting restaurants, retailers, and e-commerce businesses with delivery couriers. Now, the company is also entering the mobility market, focused on the large population of commuters in Brazil and Mexico who frequently rely on public transportation services with poor quality.
The Wilson Sonsini LatAm team that advised Mottu on the transaction includes:
Client Highlights
Firm Advises Cheche Group Inc. on De-SPAC Merger with Prime Impact Acquisition I and Listing on Nasdaq
On September 14, 2023, Cheche Technology Inc., China’s leading automotive insurance technology platform, completed its business combination (Business Combination) with Prime Impact Acquisition I, a publicly traded special purpose acquisition company formerly listed on the New York Stock Exchange. Starting September 18, 2023, the combined company, Cheche Group Inc. (Cheche), will become a publicly listed company and its shares and warrants will begin trading on the Nasdaq Capital Market under the symbols “CCG” and “CCGWW,” respectively. Wilson Sonsini Goodrich & Rosati is representing Cheche in the Business Combination and Nasdaq listing.
Client Highlights
Firm Advises RayzeBio on IP Matters Related to $311 Million IPO
On September 14, 2023, RayzeBio, Inc., a targeted radiopharmaceutical company developing an innovative pipeline against validated solid tumor targets, announced the pricing of its upsized $311 million initial public offering of 17,277,600 shares of common stock at a price to the public of $18.00 per share. RayzeBio is offering 16,114,600 shares of common stock and the selling stockholder named in the prospectus is offering 1,163,000 shares of common stock. Wilson Sonsini Goodrich & Rosati advised RayzeBio on all IP matters leading up to and with respect to the IPO.
The gross proceeds to RayzeBio from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by RayzeBio, are expected to be approximately $290.1 million. In addition, RayzeBio has granted the underwriters a 30-day option to purchase up to an additional 2,591,640 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The gross proceeds to RayzeBio from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by RayzeBio, are expected to be approximately $290.1 million. In addition, RayzeBio has granted the underwriters a 30-day option to purchase up to an additional 2,591,640 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
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.