On November 30, 2023, Goodwin advised client Braidwell, LP (together with its affiliated investment funds “Braidwell”), in connection with the consummation of an additional investment in Nevro Corp. (NYSE: NVRO), consisting of a six-year, $200,000,000 senior secured term loan facility and a warrant to purchase approximately 2.6 million shares of common stock of NVRO. The use of proceeds of the term loan facility will be used to refinance a portion of NVRO’s existing 2025 convertible notes and for working capital and other general corporate purposes.
In connection with Braidwell’s investment, NVRO consummated its acquisition of Interventional Pain Technologies, Inc. (d/b/a Vyrsa Technologies, “Vyrsa”), a medical device manufacturer and developer of minimally invasive pain treatments for patients suffering from chronic sacroiliac joint pain. The aggregate consideration for NVRO’s acquisition of Vyrsa includes $40,000,000 at closing, with an additional amount of up to $35,000,000 in cash or stock based on certain development and sales milestones.
Headquartered in Stamford, Connecticut, Braidwell LP is a life science-focused investment firm with $3.8 billion in assets under management. Braidwell provides flexible capital and thoughtful partnership to companies at all stages of development, at all parts of the capital structure, across public, private, and structured capital markets with a focus on the biotechnology, pharmaceutical, medical device and diagnostics industries.
Headquartered in Redwood City, California, Nevro Corp. is a global medical device company focused on delivering comprehensive, life-changing solutions for the treatment of patients in chronic pain.
Headquartered in King of Prussia, Pennsylvania, Vyrsa is a privately held medical technology company focused on a minimally invasive treatment option for patients suffering from chronic sacroiliac joint pain.
The Goodwin team was led by Kristopher Ring, Mohammed Alvi, Cary Chan and Youngjun Yi (Debt); Marianne C. Sarrazin and CJ Morrison (Corporate); Jia Jia Huang and Jinny Kim (IPTS); Matthew E. Wetzel (Healthcare Regulatory); Steven S. Tjoe, Elizabeth Mulkey, Ilene Albala (Litigation); Ora Grinberg and Garret Gaughan (Tax); Jason Wilcox (Global Trade); Nathan J. Brodeur (Environmental); James P. Barri (Capital Markets); Simon Fulbrook (UK); and James T. Mattus (ERISA), with invaluable assistance from Michele Eason.
For more details, read the press release.