The Intellectual Property and Technology Companies teams advised Marshall Wace on a securities purchase agreement with Achieve Life Sciences, Inc. (“Achieve”), a late-stage specialty pharmaceutical company focused on the global development and commercialization of cytisinicline as a treatment for nicotine dependence. The transaction comprised a private placement of Achieve’s securities for gross proceeds up to approximately $354 million before deducting placement agent fees and other expenses, including initial upfront funding of approximately $180 million and up to an additional approximately $174 million on exercise of milestone-driven warrants. Marshall Wace co-led the private placement with participation from both new and existing investors.
The Goodwin team was led by Carl Morales, Xixi Sun, and Kitty Zhang (intellectual property), Gregg Katz (corporate), and Roger Cohen, Susan Lee, Heath Ingram, and Dustin Schaefer (regulatory).
For more information on the deal, please read the press release.