Goodwin advised biopharmaceutical company CRISPR Therapeutics AG on its recently completed initial public offering of four million shares of its common stock at $14.00 per share. The shares priced on October 18 and began trading on the NASDAQ Global Market under the ticker symbol CRSP on October 19. All shares in the offering were offered by the company, and CRISPR received approximately $62 million in gross proceeds, including the exercise of the over-allotment option.
Citigroup Global Markets, Piper Jaffray & Co. and RBC Capital Markets served as representatives for a syndicate of underwriters. CRISPR also received $35 million from a concurrent private placement of 2.5 million shares to an affiliate of Bayer AG.
Founded in 2013, with headquarters in Basel, Switzerland and R&D operations Cambridge, Mass., CRISPR Therapeutics is a leading gene-editing company focused on the development of transformative gene-based medicines for serious diseases using its proprietary CRISPR/Cas9 gene-editing platform.
Prior to taking the company public, Goodwin worked closely with CRISPR to secure financing to bring its groundbreaking gene-editing technology to market. Goodwin also advised CRISPR on its 2015 joint venture with Bayer, where Bayer has committed to providing $300 million in funding to the joint venture and made a $35 million equity investment in CRISPR. In addition, Goodwin advised CRISPR on its 2015 collaboration with Vertex, with CRISPR receiving $75 million in up-front payments, a $30 million equity investment in CRISPR and the potential to receive in excess of $2.5 billion in sales milestones and royalties.
The Goodwin team representing CRISPR was led by partners Mitchell Bloom and Robert Puopolo and included partners Chris Denn, Daniel Karelitz, Brian Fairchild, Carl Metzger; counsel Sarah Bock, Brian Mukherjee and Stephanie Philbin; senior attorney Ai Tajima; associates Seo Salimi, Andrew Pusar, Chloe Pletner, Andrew Wilson, Alex Plaum and Emily Beman; law and paralegal Yongha Lee.
For more information on the offering, please view CRISPR’s press release.