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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
3.13.26
Wilson Sonsini Advises Enodia Therapeutics on Purchase Agreement with Kezar Life Sciences
On March 12, 2026, Enodia Therapeutics (Enodia), a biotechnology company developing novel small-molecule therapies for targeted protein degradation at the point of synthesis, and Kezar Life Sciences, a clinical-stage biotechnology company developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases, announced that Enodia has acquired Kezar’s assets from its Sec61-based discovery and development program. Under the terms of the purchase agreement between Enodia and Kezar, Kezar will receive an initial upfront payment totaling $1 million, and will receive future payments upon achievement of certain development, regulatory and commercialization milestones, for a potential total of up to $127 million. Enodia has also agreed to pay tiered royalties on net sales. Wilson Sonsini Goodrich & Rosati advised Enodia on the transaction.
Client Highlights
3.09.26
Wilson Sonsini Advises Lead Investor on SHINE’s $240 Million Equity Funding
On February 27, 2026, SHINE Technologies, a nuclear fusion company, announced it has raised $240 million in equity funding led by NantWorks founder Dr. Patrick Soon-Shiong, with additional participation from Fidelity Management & Research Company, Sumitomo Corporation of Americas, Pelican Energy Partners, Deerfield Management, Oaktree Capital Management, and other existing investors. Wilson Sonsini Goodrich & Rosati advised lead investor OZ Shine LLC—a new investment company led by Dr. Soon-Shiong—on the transaction.
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
2.12.26
Wilson Sonsini Advises Delta40 on $20 Million Funding
On February 11, 2026, Delta40, an integrated venture studio and VC fund investing in and supporting founders on the frontlines of Africa’s most urgent challenges, announced $20 million in funding. The milestone marks Africa’s first institutional raise linking venture building and early-stage capital, merging investment with hands-on studio support from experienced operators to build and scale start-ups across the continent. Wilson Sonsini Goodrich & Rosati advised Delta40 on the transaction.
Delta40 initially launched its venture studio model in Kenya and has since expanded to Lagos, Nigeria, providing portfolio companies with direct, on-the-ground support as they scale across the continent. Delta40 pioneered a unique venture studio and fund model that combines early-stage capital with embedded product, fundraising, commercial, finance, legal, growth, and exit expertise. Through this model, Delta40 partners with founders from idea to scale across energy and mobility, agriculture, and fintech—with a goal to integrate AI across all sectors.
Delta40 initially launched its venture studio model in Kenya and has since expanded to Lagos, Nigeria, providing portfolio companies with direct, on-the-ground support as they scale across the continent. Delta40 pioneered a unique venture studio and fund model that combines early-stage capital with embedded product, fundraising, commercial, finance, legal, growth, and exit expertise. Through this model, Delta40 partners with founders from idea to scale across energy and mobility, agriculture, and fintech—with a goal to integrate AI across all sectors.
Client Highlights
11.05.25
Firm Advises Frontline Wildfire Defense on $48 Million Series A Funding Round
On October 28, 2025, Frontline Wildfire Defense, the leading wildfire defense solution for homes, businesses, and communities, announced it has closed a $48 million Series A round led by Norwest to scale its proven wildfire defense systems across fire-prone states. Wilson Sonsini Goodrich & Rosati advised Frontline Wildfire Defense on the transaction.
Client Highlights
10.08.25
Firm Advises Clearway on Acquisitions of Catalina Solar Facility and Deriva Energy’s Solar Portfolio
On October 6, 2025, Clearway Energy, Inc., one of the largest owners of clean energy generation assets in the U.S., announced that it has entered into a binding agreement to acquire a 613MWac portfolio of operating solar assets from Deriva Energy spanning eight states. Clearway also recently announced its acquisition of the 109 MW Catalina Solar facility in Kern County, California. Wilson Sonsini Goodrich & Rosati advised Clearway on the transactions.
Client Highlights
9.25.25
Wilson Sonsini Advises LALO Tequila on Acquisition by Tito’s
On September 23, 2025, Tito's Handmade Vodka, the brand behind Texas' first legal distillery and the award-winning vodka, announced it has entered into a definitive agreement to acquire the majority stake in LALO Tequila, one of the fastest-growing tequila brands in the United States. Wilson Sonsini Goodrich & Rosati advised LALO on the transaction.
Client Highlights
6.18.25
Firm Advises Enliven Therapeutics on $230 Million Public Offering
On June 16, 2025, Enliven Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics, announced the close of its underwritten public offering of 9,920,987 shares of its common stock, which includes the full exercise of the underwriters' option to purchase 1,526,250 additional shares of its common stock, at a price to the public of $19.66 per share and pre-funded warrants to purchase 1,780,263 shares of its common stock at a price to the public of $19.659 per pre-funded warrant. All of the shares and pre-funded warrants were sold by Enliven. The gross proceeds from the offering were approximately $230 million before deducting underwriting discounts and commissions and other offering expenses. Wilson Sonsini Goodrich & Rosati advised Enliven on the offering.
Alerts
4.15.25
President Trump Revokes Regulations Applicable for Front-End Service Providers Facilitating Digital Asset and Cryptocurrency Transactions
On April 10, 2025, President Trump signed into law a measure1 that repeals the final regulations relating primarily to persons who are front-end service providers that operate decentralized finance (DeFi) platforms, which were published by the Department of the Treasury (the Treasury) and the Internal Revenue Service (the IRS) on December 30, 2024 (the Final DeFi Regulations). The Final DeFi Regulations required DeFi industry participants offering services to facilitate digital asset transactions to report any such transactions occurring on or after January 1, 2027 in the same manner as a broker of digital assets or a digital asset trading platform. Pursuant to the repeal, such front-end service providers will not need to report gross proceeds and certain customer information to the IRS as required by the Final DeFi Regulations. Our previous alert on the Final DeFi Regulations can be accessed here.
Client Highlights
3.05.25
Wilson Sonsini Advises Alianza on Acquisition of Metaswitch
On March 4, 2025, Alianza, Inc., the world’s first cloud-orchestrated, AI-powered communications platform dedicated to service providers, announced the completion of its acquisition of Metaswitch from Microsoft, executing on the Definitive Agreement announced in December 2024. Financing of the transaction was provided by existing Alianza investors and a syndicate of commercial banks led by Wells Fargo. Wilson Sonsini Goodrich & Rosati advised Alianza on the transaction.
The combined offerings of Metaswitch and Alianza will enable service providers to close a massive gap in their ability to grow services revenue and improve operational efficiency by modernizing core networks, unlocking new innovative offerings, and ultimately transforming network operations. With the close of this transaction, Alianza will serve a combined customer base of more than 1,000 communication service providers, including 19 of the top 20 global operators. Alianza will continue to support Metaswitch’s existing product offerings while integrating its cloud-native technology into a unified product portfolio.
The Wilson Sonsini team that advised Alianza on the transaction includes:
The combined offerings of Metaswitch and Alianza will enable service providers to close a massive gap in their ability to grow services revenue and improve operational efficiency by modernizing core networks, unlocking new innovative offerings, and ultimately transforming network operations. With the close of this transaction, Alianza will serve a combined customer base of more than 1,000 communication service providers, including 19 of the top 20 global operators. Alianza will continue to support Metaswitch’s existing product offerings while integrating its cloud-native technology into a unified product portfolio.
The Wilson Sonsini team that advised Alianza on the transaction includes:
Alerts
1.17.25
IRS Issues Final Digital Content and Cloud Transaction Regulations
On January 10, 2025, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations (the Final Regulations) regarding the classification of digital content transactions and cloud transactions for certain provisions of the Internal Revenue Code (the Code).1 Specifically, the Final Regulations assist taxpayers in determining whether certain transactions (and income derived therefrom and its source) constitute a lease of property or provision of services. The Final Regulations retain the overall approach of the proposed regulations that were released on August 9, 2019 (the Proposed Regulations) but adopt several key changes. Our Alert on the Proposed Regulations can be accessed here. The Final Regulations became effective on January 14, 2025, and apply to taxable years beginning on or after that date, though taxpayers can elect to apply them to all taxable years beginning on or after August 14, 2019, if they and all related persons do so on a consistent basis.