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5.13.26
Wilson Sonsini Advises Whitehawk Therapeutics on $87.5 Million PIPE Financing
On May 13, 2026, Whitehawk Therapeutics, a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved antibody drug conjugate cancer treatments, announced that it has entered into a securities purchase agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity (PIPE) financing that is expected to result in gross proceeds of approximately $87.5 million, before deducting placement agent fees and other private placement expenses. The PIPE financing includes participation from existing investors including Avoro Capital, QVT, Coastlands Capital, KVP Capital, ADAR1 Capital Management, Acuta Capital Partners, StemPoint Capital LP, Invus, as well as members of the company’s executive team. Wilson Sonsini Goodrich & Rosati advised Whitehawk on the transaction.
Client Highlights
5.05.26
Wilson Sonsini Represents Investors in Windward Bio’s $165 Million Crossover Financing
On May 4, 2026, Windward Bio, a private, clinical-stage biotechnology company committed to improving outcomes for people living with serious immunological diseases, announced an upsized $165 million crossover financing led by OrbiMed, with participation from existing Series A investors including Novo Holdings, Blue Owl Healthcare Opportunities, SR One, Omega Funds, RTW Investments, Qiming Venture Partners, Quan Capital, and Pivotal bioVenture Partners. The financing also included new investors RA Capital Management, Janus Henderson Investors, Sanofi Ventures, and Harbour BioMed. Wilson Sonsini Goodrich & Rosati represented OrbiMed, Novo Holdings, Blue Owl Healthcare Opportunities, and Omega Funds in the transaction.
Since its launch in January 2025, Windward Bio has in-licensed two clinical-stage assets, raised $365 million, and rapidly advanced both programs in the clinic. The proceeds from this latest financing will significantly extend the company’s cash runway and enable multiple clinical readouts in the next 12 months.
The Wilson Sonsini team that represented OrbiMed, Novo Holdings, Blue Owl Healthcare Opportunities, and Omega Funds in connection with the financing included:
Since its launch in January 2025, Windward Bio has in-licensed two clinical-stage assets, raised $365 million, and rapidly advanced both programs in the clinic. The proceeds from this latest financing will significantly extend the company’s cash runway and enable multiple clinical readouts in the next 12 months.
The Wilson Sonsini team that represented OrbiMed, Novo Holdings, Blue Owl Healthcare Opportunities, and Omega Funds in connection with the financing included:
Client Highlights
4.21.26
Wilson Sonsini Advises Novo Holdings, Norwest, and Platanus on Ray Therapeutics’ $125 Million Series B
On April 21, 2026, Ray Therapeutics (RayTx), an industry-leading clinical-stage biopharmaceutical company pioneering differentiated vision restoration therapies for those living with severe retinal degenerations, announced the closing of an upsized and oversubscribed $125 million Series B financing. The round was led by Janus Henderson Investors, with participation from additional new investors Adage Capital Management, Franklin Templeton, Invus, and Marshall Wace. The financing includes strong follow-on support from existing investors 4BIO Capital, Deerfield Management, MRL Ventures Fund (the therapeutics-focused corporate venture arm of Merck & Co), Norwest, Novo Holdings A/S, and Platanus. Wilson Sonsini Goodrich & Rosati advised Novo Holdings A/S, Norwest, and Platanus on the transaction.
Client Highlights
4.09.26
Wilson Sonsini Advises Forte Biosciences on $150 Million Public Offering
On April 8, 2026, Forte Biosciences, Inc., a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, announced the pricing of a public offering of 5,709,936 shares of its common stock at a price to the public of $26.27 per share. The gross proceeds from the offering are expected to be approximately $150 million before deducting underwriting discounts and commissions and other offering expenses. Wilson Sonsini Goodrich & Rosati advised Forte Biosciences on the transaction.
Client Highlights
3.17.26
Firm Advises R1 Therapeutics on $77.5 Million Series A Financing
On March 17, 2026, R1 Therapeutics, a clinical-stage biopharmaceutical company focused on the development of first-in-class therapies for patients with kidney disease, announced its launch with an oversubscribed $77.5 million Series A financing, along with the exclusive global license to develop and commercialize AP306 outside of Greater China from China-based Alebund Pharmaceuticals. The financing was co-led by Abingworth, F-Prime, and DaVita Venture Group, part of DaVita Inc., with participation from Curie.Bio, SymBiosis, and U.S. Renal Care. Wilson Sonsini Goodrich & Rosati advised R1 on the financing.
Client Highlights
2.23.26
Firm Advises Arcellx on $7.8 Billion Acquisition by Gilead
On February 23, 2026, Gilead Sciences announced that it has entered into a definitive agreement to acquire Arcellx, a biotechnology company focused on delivering a new class of innovative immunotherapies for patients with cancer and other incurable diseases, for $115 per share in cash at closing and one contingent value right of $5 per share, which represents an implied equity value of $7.8 billion payable at closing. Wilson Sonsini Goodrich & Rosati advised Arcellx on the transaction.
Client Highlights
2.05.26
Wilson Sonsini Advises SpyGlass Pharma on $150 Million IPO
On February 5, 2026, SpyGlass Pharma, Inc., a late-stage biopharmaceutical company, announced the pricing of its initial public offering of 9,375,000 shares of its common stock at a public offering price of $16.00 per share. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by SpyGlass Pharma, are expected to be approximately $150 million. Wilson Sonsini Goodrich & Rosati advised SpyGlass Pharma on the transaction.
SpyGlass Pharma has granted the underwriters a 30-day option to purchase up to an additional 1,406,250 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares of common stock are being offered by SpyGlass Pharma. SpyGlass Pharma’s common stock is expected to begin trading on the Nasdaq Global Select Market on February 6, 2026, under the ticker symbol “SGP.” The offering is expected to close on February 9, 2026, subject to the satisfaction of customary closing conditions.
The Wilson Sonsini team that advised SpyGlass Pharma includes:
SpyGlass Pharma has granted the underwriters a 30-day option to purchase up to an additional 1,406,250 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares of common stock are being offered by SpyGlass Pharma. SpyGlass Pharma’s common stock is expected to begin trading on the Nasdaq Global Select Market on February 6, 2026, under the ticker symbol “SGP.” The offering is expected to close on February 9, 2026, subject to the satisfaction of customary closing conditions.
The Wilson Sonsini team that advised SpyGlass Pharma includes:
Client Highlights
1.26.26
Wilson Sonsini Advises SR One on Corxel Pharmaceuticals $287 Million Series D
On January 22, 2026, Corxel Pharmaceuticals Limited (CORXEL), a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for patients with cardiometabolic conditions around the world, announced the closing of a $287 million Series D financing. Wilson Sonsini Goodrich & Rosati advised investor SR One on the transaction.
Client Highlights
1.12.26
Firm Advises SR One on AirNexis Therapeutics’ $200 Million Series A
On January 9, 2026, AirNexis Therapeutics, a clinical-stage biotech company developing therapeutics for pulmonary diseases, announced the close of a $200 million Series A financing round and the in-license of a dual PDE3/4 inhibitor in Phase 2 development for chronic obstructive pulmonary disease (COPD) from Haisco Pharmaceutical Group. The over-subscribed Series A was led by Frazier Life Sciences, with participation from OrbiMed, SR One, Life Sciences at Goldman Sachs Alternatives, Longitude Capital, and Enavate Sciences, among others. Wilson Sonsini Goodrich & Rosati advised investor SR One on the financing transaction.
Proceeds from the Series A will fund the global clinical development of AN01. Also known as HSK39004, AN01 is a dual PDE3/4 inhibitor that exerts synergistic effects through a dual mechanism of action (MOA) that promotes bronchodilation and reduces the release of inflammatory factors. This MOA may lead to improvements in airflow limitation and airway inflammation, supporting the maintenance treatment of COPD.
The Wilson Sonsini team that advised SR One was led by Dan Koeppen, with support from Kassandra Castillo and Tim Conroy.
Proceeds from the Series A will fund the global clinical development of AN01. Also known as HSK39004, AN01 is a dual PDE3/4 inhibitor that exerts synergistic effects through a dual mechanism of action (MOA) that promotes bronchodilation and reduces the release of inflammatory factors. This MOA may lead to improvements in airflow limitation and airway inflammation, supporting the maintenance treatment of COPD.
The Wilson Sonsini team that advised SR One was led by Dan Koeppen, with support from Kassandra Castillo and Tim Conroy.
Client Highlights
11.05.25
Wilson Sonsini Advises Chilldyne on Acquisition by Daikin Applied
On November 4, 2025, Daikin Applied Americas Inc., the world’s number one air conditioning company, closed its acquisition of Chilldyne, Inc., an experienced leader in negative pressure liquid cooling systems for high-performance and AI data centers. Wilson Sonsini Goodrich & Rosati advised Chilldyne on the transaction.
News Articles
10.17.25
2026 Lawdragon 500 Leading Dealmakers in America Recognizes Wilson Sonsini Attorneys
On October 17, 2025, Lawdragon published the sixth edition of its Leading Dealmakers in America guide, honoring the lawyers who shake the world with the deals they make happen. The list was compiled through Lawdragon’s time-honed methodology, independent journalistic research, robust and simple submissions from as wide of a group as possible, and vetting from established dealmakers and clients.