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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
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
10.17.25
Wilson Sonsini Advises SR One on Veradermics' Oversubscribed Series C
On October 15, 2025, Veradermics, a dermatologist-founded, late clinical-stage biopharmaceutical company developing therapeutics for common dermatologic conditions, announced the completion of an oversubscribed $150 million Series C financing. SR One led the funding round, with participation from new investors Viking Global Investors, Marshall Wace, Invus, funds managed by abrdn Inc., Columbia Threadneedle Investments, Infinitium, LifeSci Venture Partners, and current investors including Longitude Capital, Suvretta Capital Management, Surveyor Capital, and other undisclosed investors. Wilson Sonsini Goodrich & Rosati advised lead investor SR One on the transaction.
Client Highlights
10.15.25
Firm Advises Sofinnova, Novo Holdings, and Forbion on Expedition Therapeutics’ $165 Million Series A Financing
On October 9, 2025, Expedition Therapeutics, a biotech company developing therapies for novel inflammatory and respiratory diseases, announced the closing of an oversubscribed $165 million Series A financing. The round was co-led by Sofinnova Investments and Novo Holdings, with additional investment from Forbion, Dawn Biopharma, Adage, Balyasny, Logos Capital, Sanofi Ventures, and existing investors BVF Partners and Venrock Healthcare Capital Partners. Wilson Sonsini Goodrich & Rosati advised co-lead investors Sofinnova and Novo Holdings, as well as syndicate investor Forbion, on the transaction.
News Articles
10.01.25
LMG Life Sciences Recognizes Wilson Sonsini, Attorneys in 2025 Guide
On September 30, 2025, LMG Life Sciences announced the 2025 edition of its guide, which identifies and ranks the leading law firms and individuals in the life sciences industry across the United States. The rankings are the result of firm participation in questionnaires, partner interviews to gather market feedback, client surveys, and independent research. LMG Life Sciences has conducted research and published rankings since 2012. This year, six Wilson Sonsini practices and 18 attorneys have been recognized in the guide.
Client Highlights
9.30.25
Firm Advises Novo Holdings and SR One on Crystalys Therapeutics’ $205 Million Series A
On September 30, 2025, Crystalys Therapeutics Inc., a clinical-stage biopharmaceutical company, announced its launch with a $205 million Series A financing to support its mission of addressing the significant unmet medical needs of people living with gout. The financing was co-led by Novo Holdings, SR One, and Catalys Pacific, with participation from a broad syndicate of investors, including Perceptive Xontogeny Venture Funds, Lightstone Ventures, AN Venture Partners, funds managed by abrdn Inc., KB Investments, Pontifax, Longwood Fund, Alexandria Venture Investments, Wedbush Healthcare Partners, and Prebys Ventures Fund. Wilson Sonsini Goodrich & Rosati advised co-lead investors Novo Holdings and SR One on the transaction.
Client Highlights
9.22.25
Wilson Sonsini Advises SR One on Avenzo Therapeutics’ $60 Million Series B
On September 22, 2025, Avenzo Therapeutics, Inc., a clinical-stage biotechnology company developing next-generation oncology therapies, announced the closing of a $60 million Series B financing. The financing was led by OrbiMed and SR One, with participation from new investor Longwood Fund. Wilson Sonsini Goodrich & Rosati advised co-lead investor SR One on the transaction.
Client Highlights
9.10.25
Firm Advises Lead Investor SR One on Odyssey Therapeutics’ $213 Million Series D
On September 10, 2025, Odyssey Therapeutics, Inc., a clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases by developing medicines that precisely target disease pathology, announced the closing of a $213 million Series D financing. Wilson Sonsini Goodrich & Rosati advised lead investor SR One on the transaction.
In addition to participation from all of Odyssey’s existing investors—including founding investor SR One—new investors included Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, and Wedbush Healthcare Partners. The proceeds from the fundraise will support the advancement of Odyssey’s portfolio of clinical and preclinical medicines designed to precisely treat the drivers of complex autoimmune diseases.
The Wilson Sonsini team that advised SR One on the transaction included Dan Koeppen, Kassandra Castillo, and Dani Glazer Signaigo.
For more information, please see Odyssey’s news release.
In addition to participation from all of Odyssey’s existing investors—including founding investor SR One—new investors included Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, and Wedbush Healthcare Partners. The proceeds from the fundraise will support the advancement of Odyssey’s portfolio of clinical and preclinical medicines designed to precisely treat the drivers of complex autoimmune diseases.
The Wilson Sonsini team that advised SR One on the transaction included Dan Koeppen, Kassandra Castillo, and Dani Glazer Signaigo.
For more information, please see Odyssey’s news release.
Client Highlights
9.03.25
Wilson Sonsini Advises Galvanize Therapeutics on $100 Million Series C Financing
On September 3, 2025, Galvanize Therapeutics, Inc., a commercial-stage medical technology company pioneering pulsed electric field (PEF) therapies for oncology and chronic lung disease, announced that it has raised $100 million in an oversubscribed Series C financing. The round was led by Sofinnova Partners, with participation from a global syndicate of top-tier investors including Norwest Venture Partners, Elevage Medical Technologies, Ally Bridge Group, Perceptive Xontogeny Venture Fund, Janus Henderson Investors, and Longaeva. Existing investors Fidelity Management & Research Company, T. Rowe Price, Gilmartin Capital, Intuitive Surgical, and Apple Tree Partners (ATP), the company's founding investor, also participated in the round. Wilson Sonsini Goodrich & Rosati advised Galvanize on the transaction. The proceeds from the financing will be used to expand the company's commercial footprint and advance its clinical and development activities related to Aliya® PEF in solid tumors and RheOx® therapy for chronic bronchitis.
The Wilson Sonsini team that advised Galvanize on the transaction included:
The Wilson Sonsini team that advised Galvanize on the transaction included:
Client Highlights
7.22.25
Firm Advises SR One, Novo Holdings on Avalyn’s $100 Million Oversubscribed Series D
On July 22, 2025, Avalyn Pharma Inc., a clinical-stage biopharmaceutical company focused on the development of inhaled therapies for the treatment of life-threatening pulmonary diseases, announced the closing of an oversubscribed $100 million Series D financing. The financing was led by SR One and Suvretta Capital Management, with participation from Novo Holdings A/S, F-Prime, Perceptive Xontogeny Venture Funds, Norwest, Eventide Asset Management, Wellington Management, Vida Ventures, Catalio Capital Management, RiverVest Venture Partners, Pivotal bioVenture Partners, TPG Biotech, Hamilton Square Partners Management, LP (HSq), Rock Springs Capital, Surveyor Capital (a Citadel company), funds and accounts advised by T. Rowe Price Associates, Inc., and Piper Heartland. Wilson Sonsini Goodrich & Rosati advised SR One and Novo Holdings on the transaction.