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4.07.26
2025 Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini is pleased to present the 2025 Technology and Life Sciences PIPE and RDO Report. This report presents analysis related to 163 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2025. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in 2025.
Client Highlights
2.13.26
Firm Advises Microchip Technology on Offering of $900 Million of Convertible Senior Notes
On February 11, 2026, Microchip Technology completed an offering of $900 million aggregate principal amount of convertible senior notes due 2030 in a private transaction. The offering amount included the exercise in full of the option that Microchip had granted to the initial purchasers to purchase up to an additional $100 million of notes. In connection with the offering, Microchip entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions.
Client Highlights
12.17.25
Wilson Sonsini Advises Nutanix on $300 Million Accelerated Share Repurchase Program
On December 17, 2025, Nutanix, Inc., a leader in hybrid multicloud computing, announced that it had entered into an accelerated share repurchase (ASR) agreement with Bank of America. Wilson Sonsini Goodrich & Rosati advised Nutanix on the transaction.
Client Highlights
12.08.25
Wilson Sonsini Advises Harmonic on $145 Million Acquisition of Video Business Segment by MediaKind
On December 8, 2025, Harmonic, a leader in virtualized broadband and video delivery solutions, announced it has received a binding offer from MediaKind, a leader in cloud-based video streaming technology, to acquire its Video Business segment for approximately $145 million in cash. The transaction, which is expected to close in the first half of 2026, is subject to a French employee works council consultation process and customary closing conditions and regulatory approvals. Wilson Sonsini Goodrich & Rosati is advising Harmonic on the transaction.
Newsletters
9.18.25
2025 Mid-Year Technology and Life Sciences PIPE and RDO Report
Dive into our mid-year review of 68 PIPEs and RDOs by U.S. technology and life sciences firms between January 1 and June 30, 2025. Key findings include a decline in life sciences activity and robust strength in the technology sector.
Client Highlights
7.21.25
Wilson Sonsini Advises Cloudflare on $2.0 Billion Convertible Senior Notes
On June 17, 2025, Cloudflare, Inc. issued $2.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2030. The offering amount included the exercise in full of the option that Cloudflare had granted to the initial purchasers to purchase up to an additional $250 million of notes. In connection with the offering, Cloudflare entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions.
Client Highlights
7.09.25
Wilson Sonsini Advises Zscaler on $1.725 Billion Convertible Senior Notes Offering
On July 3, 2025, Zscaler, Inc. issued $1.725 billion aggregate principal amount of 0.00% convertible senior notes due 2028. The offering amount included the exercise in full of the option that Zscaler had granted to the initial purchasers to purchase up to an additional $225 million of notes. In connection with the offering, Zscaler entered into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions.
Client Highlights
6.02.25
Wilson Sonsini Advises Grammarly on $1 Billion Customer Investment Agreement
On May 29, 2025, Grammarly, a leading AI assistant for communication and productivity, announced the closing of a $1 billion financing arrangement with General Catalyst. Grammarly will use the proceeds from General Catalyst’s investment to scale sales and marketing and for strategic acquisitions.
Client Highlights
4.30.25
Wilson Sonsini Advises Micron on $1.75 Billion Senior Notes Offering
On April 29, 2025, Micron Technology, Inc., completed its offering of (i) $500,000,000 aggregate principal amount of 5.65 percent senior notes due 2032 (the "2032 Notes") and (ii) $1,250,000,000 aggregate principal amount of 6.05 percent senior notes due 2035 (the "2035 Notes" and, together with the 2032 Notes, the "Notes"). Micron intends to use the net proceeds from the sale of the Notes to redeem its outstanding 4.185 percent Senior Notes due 2027 and for general corporate purposes. Wilson Sonsini Goodrich & Rosati advised Micron on the transaction.
Newsletters
3.25.25
2024 Technology and Life Sciences PIPE and RDO Report
Dive into our comprehensive review of 205 PIPEs and RDOs by U.S. technology and life sciences firms for 2024. Following several years of low capital market activity, 2024 saw a significant increase compared to 2022 and 2023. However, ongoing volatility may lead companies to seek alternatives to traditional underwritten offerings for their financing needs.
Client Highlights
1.24.25
Wilson Sonsini Advises Micron on $1 Billion Senior Notes Offering
On January 16, 2025, Micron Technology, Inc., settled its offering of $1 billion aggregate principal amount of 5.80 percent senior notes due 2035. Micron intends to use the net proceeds from the sale of the notes to pay the redemption price of its outstanding 4.975 percent senior notes due 2026 and for general corporate purposes. Wilson Sonsini Goodrich & Rosati advised Micron on the transaction.
The Wilson Sonsini team representing Micron includes:
The Wilson Sonsini team representing Micron includes:
Client Highlights
12.13.24
Wilson Sonsini Advises Dropbox on $2 Billion Secured Credit Facility
On December 11, 2024, Dropbox announced that it entered into a Credit and Guaranty Agreement for a secured term loan facility in an aggregate principal amount of up to $2 billion, consisting of initial term loans in an aggregate principal amount of up to $1.0 billion and delayed draw term loans in an aggregate principal amount of up to $1.0 billion. The facility was led and substantially provided by Blackstone Credit & Insurance, who served as lead arranger and lead structuring agent. The proceeds of the term loans may be used for working capital and general corporate purposes, including share repurchases.