Goodwin Advises Marea Therapeutics on Acquisition by Lisata Therapeutics and $225 Million Concurrent Private Placement
The Life Sciences team advised Marea Therapeutics, Inc. (“Marea”) on its acquisition by Lisata Therapeutics, Inc. (“Lisata”), a clinical-stage pharmaceutical company. Concurrent with the acquisition, Lisata entered into a definitive purchase agreement for the sale of Series C non-voting convertible preferred stock in a private placement financing, which is expected to result in gross proceeds to Lisata of approximately $225 million before deducting placement agent and other offering expenses.
The acquisition of Marea was structured as a stock-for-stock transaction. The oversubscribed financing included participation from leading life sciences investors including RA Capital Management, Forbion, Third Rock Ventures, Alpha Wave, Perceptive Advisors, Sofinnova Investments, Omega Funds, Surveyor Capital (a Citadel company), Columbia Threadneedle Investments, Nantahala Capital, Affinity Asset Advisors, LLC, venBio, Rock Springs Capital and other institutional investors.
Marea Therapeutics is a clinical-stage biotechnology company harnessing the latest advances in human genetics to develop first-in-class, next-generation medicines for cardioendocrine diseases. The company’s lead product candidate, MAR001, is in Phase 2b clinical development for the treatment of severe hypertriglyceridemia (sHTG), a condition characterized by very high triglyceride levels. The company is also advancing MAR002 for the treatment of acromegaly.
The Goodwin team was led by Blake Liggio, Richard E. Schwartz and Maggie Wong, and included Kingsley L. Taft, Kathryn Clerici, Kimberley Maruncic, Evan Lee, Marina Phillips, Libby Sousa, Candace Hagey, Grace Wirth, James P. Devendorf, Dasol Lee, Laura Conaway, Daniel S. Karelitz, Chase Gorland, Melissa Sandak, Halak Mehta, Susan S. Lee, Krupa S. Zachariah, Matthew E. Wetzel, Jacqueline Klosek, Alexandra Watson, Zhenghui (Alan) Wang, Tucker DeVoe, Jordan Benson, Arman Oruc, Elliot Silver, Simone Waterbury and Michael Casaburi.
For more information on the deal, please read the press release.