Goodwin Advises City Therapeutics on Pricing of $200 Million Upsized Initial Public Offering
The Life Sciences team advised City Therapeutics, Inc. (Nasdaq: CTY) (“City” or “City Therapeutics”) on the pricing of its upsized initial public offering of 11,111,111 shares of its common stock at a public offering price of $18.00 per share. The gross proceeds from the offering to City are expected to be approximately $200.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by City. In addition, City has granted the underwriters a 30-day option to purchase up to an additional 1,666,666 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. All of the shares of common stock are being offered by City.
City Therapeutics is a clinical-stage biotechnology company engineering the next generation of RNA interference (RNAi) therapeutics, with the aim of delivering meaningful and durable benefits for patients in need. City’s lead development programs are CITY-FXI for thromboembolic diseases, CITY-RBP4 for Stargardt disease and other retinal diseases, and CITY-TFR2 for anemia associated with chronic diseases. The City Platform is the engine behind every therapeutic the company develops and integrates deep expertise in trigger engineering, including proprietary cityRNA triggers designed to address limitations of conventional RNAi approaches, tissue-selective delivery, and genetics-driven target selection.
The Goodwin team was led by Sarah Ashfaq, Karin Yoo, Haylee Brown, Adam DiTullio, and Kingsley Taft (Corporate), and also included Elizabeth Mulkey and Krupa Zachariah (FDA Regulatory), Sarah Bock and Zoe Li (Executive Compensation), Heath Ingram and Amelia Nell (Healthcare), Tim Worden and Lucy Sharples (EU Regulatory). Jacqueline Klosek (Privacy), Alexandra Haas and Hugh Rennie (Licensing), Bill Christiansen, Xixi Sun, and Tian Yong Zheng (Intellectual Property), Dan Karelitz (Tax), and Maggie Wong (Opinions), with invaluable assistance from Catherine Magazu, Libby Sousa, Bonnee Nie, Brian Mukherjee, Carl Metzger, Li Chang, Sofia Wyman, Nathan Needle, and Anikó Bouley.
For more information on the deal, please read the press release and see coverage in Fierce Biotech and BioSpace.