The Life Sciences team advised Cullinan Management, Inc. (Nasdaq: CGEM) on its upsized initial public offering of 13,685,000 shares of its common stock, including 1,785,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $21 per share. The gross proceeds of the offering were $287.4 million, before deducting underwriting discounts and commissions and other offering expenses.
Cullinan is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies with transformative potential for cancer patients.
Prior to the IPO, Goodwin advised Cullinan on its oversubscribed $131.2 million Series C financing. The financing was led by Foresite Capital with participation from additional new investors: Boxer Capital of Tavistock Group; Eventide Asset Management; Nextech Invest; OrbiMed; Venrock Healthcare Capital Partners; Rock Springs Capital; BVF Partners, L.P.; and Logos Capital. Existing investors, including MPM Capital, F2 Ventures, Cowen Healthcare Investments, The Baupost Group, Schooner Capital, as well as other institutions and individuals, also participated in the round.
The Goodwin team advising Cullinan was led by Mitch Bloom, Danielle Lauzon, Gaby Morales-Rivera, Kathryn Weston, and Peter Yang, and included Eric Carlson, Kimberley Maruncic, Katherine Hand, Sarah Bock, James Devendorf, Julie Tibbets, Elizabeth Mulkey, Sarah Wicks, Derek Denhart, Roger Cohen, Andrew Hess, Jennifer Fay, Caroline Galiatsos, Dan Karelitz, Leon Peschel, Caroline Bullerjahn, Jackie Klosek, Federica De Santis, Ettore Santucci, and Pamela Finan.
The Goodwin team handling the Series C financing was led by Mitch Bloom, Danielle Lauzon, Gabriela Morales-Rivera, Katherine Hand, and Owen Remeika, and included Dan Karelitz and Mark Burnett with invaluable assistance from Pat Robichaud.