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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
5.11.26
Wilson Sonsini Advises Odyssey Therapeutics on Patent Matters Related to IPO
On May 7, 2026, Odyssey Therapeutics, a clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases by developing medicines that are designed to precisely target disease pathology, announced the pricing of its upsized initial public offering of 15,500,000 shares of its common stock at an initial public offering price of $18.00 per share. In addition, Odyssey has granted the underwriters a 30-day option to purchase up to an additional 2,325,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Odyssey’s common stock began trading on the Nasdaq Capital Market on May 8, 2026, under the ticker symbol “ODTX.” The offering closed on May 11, 2026. Wilson Sonsini Goodrich & Rosati advised Odyssey on patent matters related to the transaction.
Alerts
5.07.26
Federal Circuit Provides Path to Written Description and Enablement for Patents Related to Methods of Using a Well-Known Class of Molecules
On April 16, 2026, the U.S. Court of Appeals for the Federal Circuit (the court) issued a precedential decision in Teva Pharmaceuticals International GmbH v. Eli Lily and Company, determining that the claims of Teva’s U.S. Patent Nos. 8,586,045 (the ’045 patent), 9,884,907 (the ’907 patent), and 9,884,908 (the ’908 patent) (collectively, the Headache Patents) relating to methods of reducing headache by administration of humanized anti-CGRP antagonist antibodies are not invalid for lack of written description or enablement. The decision reversed a district court’s judgment as a matter of law (JMOL) decision concluding otherwise, and reinstated the jury’s findings that Eli Lilly’s Emgality® product willfully infringed the Headache Patents.
Podcasts
5.07.26
NextGen VC Podcast - Building Biotech Companies from Day One: Aimee Raleigh of Atlas Venture
What does it actually take to turn an idea into a biotech company? In the latest episode of the NextGen VC Podcast, Aimee Raleigh, Ph.D., principal at Atlas Venture, joins hosts and Wilson Sonsini partners Michael Hostetler and Jennifer Fang to explore how companies get built before they’re even companies.
From evaluating early science to forming a real point of view, Aimee shares how investors build conviction at the earliest stages. She discusses the pace of early-stage venture, as well as how to juggle multiple opportunities, make decisions with imperfect data, and figure out what’s worth leaning into, among other topics. Aimee also discusses her path into venture and what she’s learned along the way in an industry that doesn’t slow down.
From evaluating early science to forming a real point of view, Aimee shares how investors build conviction at the earliest stages. She discusses the pace of early-stage venture, as well as how to juggle multiple opportunities, make decisions with imperfect data, and figure out what’s worth leaning into, among other topics. Aimee also discusses her path into venture and what she’s learned along the way in an industry that doesn’t slow down.
Client Highlights
5.06.26
Wilson Sonsini Advises BioOrbit on $13.2 Million Seed Round
On April 30, 2026, BioOrbit, a space manufacturing company developing hardware for the large-scale crystallization of protein drugs, announced the completion of a $13.2 million (£9.8 million) seed round co-led by LocalGlobe and BREEGA, with support from Seedcamp, Auxxo Female Catalyst Fund, Type One Ventures, 7percent Ventures and other investors. Wilson Sonsini Goodrich & Rosati advised BioOrbit 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
5.04.26
Firm Advises Candid Therapeutics on Patent Matters Related to Its $2 Billion Acquisition by UCB
On May 3, 2026, UCB, a global biopharmaceutical company, announced a definitive agreement to acquire Candid Therapeutics (Candid), a privately held clinical-stage biotechnology company redefining the treatment of autoimmune and inflammatory diseases through novel T-cell engagers. Under the terms of the agreement, UCB will pay $2 billion in upfront payments and up to $200 million in potential future milestone payments. Wilson Sonsini Goodrich & Rosati advised Candid on patent matters related to the transaction.
Client Highlights
4.27.26
Wilson Sonsini Advises Nervonik on $52.5 Million Series B Financing
On April 27, 2026, Nervonik, a clinical-stage medical device company developing next-generation peripheral nerve stimulation (PNS) technologies, announced the closing of an oversubscribed $52.5 million Series B financing. The round was led by Amzak Health, with participation from Elevage Medical Technologies, U.S. Venture Partners (USVP), Lumira Ventures, Foothill Ventures, and Shangbay Capital. The proceeds from the financing will support the continued development and commercialization of Nervonik's PNS system, including further development of its proprietary sensing capabilities. Wilson Sonsini Goodrich & Rosati advised Nervonik on the transaction.
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
4.20.26
Wilson Sonsini Advises Novo Holdings on Route 92 Medical’s $50 Million Growth Financing
On April 7, 2026, Route 92 Medical, a privately held medical technology company dedicated to improving outcomes for patients undergoing neurovascular intervention, announced a $50 million growth financing led by Novo Holdings. New investor Sectoral Asset Management and existing investors U.S. Venture Partners, Norwest Venture Partners, InnovaHealth Partners, and The Vertical Group joined in the financing round. Wilson Sonsini Goodrich & Rosati advised Novo Holdings on the transaction.