Peter N. Handrinos

Oscar Health, Inc., the first health insurance company built on a full stack technology platform, has announced a US$305 million convertible notes transaction to strengthen its balance sheet and provide strong liquidity to support the growth of the organization. The transaction is expected to close on February 3, 2022, subject to customary closing conditions. Latham & Watkins LLP represents Oscar Health in the offering with a capital markets team led by New York partner Keith Halverstam, New York/Los Angeles partners Greg Rodgers and Brittany Ruiz, and Boston partner Peter Handrinos, with New York associates Sandy Kugbei and Nick Gonzalez. Along with Greg Rodgers, advice was provided on convertible debt matters by New York associates Andrew Blumenthal and Claire Solimine; on tax matters by New York partner Elena Romanova, with New York associates Aaron Bernstein and Jacob Nagelberg; and on public company representation matters by New York partner Jenna Cooper, with New York associate Justin McNamee.~~

Jan 31

1 min

Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, has announced the pricing of an underwritten offering and a private placement, with combined gross proceeds of approximately US$115.8 million. The offering and concurrent private placement are expected to close on December 9, 2022, subject to satisfaction of customary closing conditions. Latham & Watkins LLP represents the underwriters and placements agents in the transactions with a corporate team led by partners Peter Handrinos and Nathan Ajiashvili, with associates Matt DeSilva, MacLane Taggart, and Alexandra Kustra.~~

Dec 7

1 min

Asthma-focused biotech firm Generate Biomedicines on Monday filed plans with U.S. regulators to raise around $400 million in its initial public offering led by Goodwin Procter LLP and Latham & Watkins LLP. The Phase 3 biotech plans to offer 25 million shares for $15 to $17 each, raising $400 million at midpoint, according to a Monday filing with the U.S. Securities and Exchange Commission. Based in Somerville, Massachusetts, Generate Biomedicines uses an artificial intelligence discovery platform to create medicines for severe asthma, the filing said. "Our vision is to program biology to generate optimal therapeutics for the greatest impact on human health," the company said in its filing. "Central to our vision is the Generate Platform, designed to be a therapeutic area and protein modality agnostic system integrating computational innovation with scalable biohardware to address therapeutic challenges beyond the reach of traditional technologies." Its lead product candidate, called GB-0895, is an investigational long-acting monoclonal antibody that is in development to treat severe asthma, the filing said. "Severe asthma represents a substantial unmet medical need, with industry sources suggesting that only 15% to 25% of eligible patients receive biologic therapy," the company said in its filing. "There are adherence and persistence challenges with existing shorter-acting biologic agents, and GB-0895's potential … dosing regimen is designed to reduce injection frequency to address these challenges." The company is backed by life sciences-focused venture capital firm Flagship Pioneering, which the SEC filing noted is Generate Biomedicines' lead investor. The company was founded in 2018 and reported $32 million in revenue for the year ended Dec. 31. The offering is expected to price during the week of Feb. 23, and the company plans to list its shares on the Nasdaq under ticker symbol GENB. The Goodwin team advising Generate Biomedicines includes Stuart Cable, Joseph Theis, Stephanie Richards, and Janet Hsueh. The Latham team advising the underwriters includes Peter Handrinos, Wesley Holmes, and Samuel Niles.

Feb 23

2 min

The CEO of Generate Biomedicines, a biotechnology firm using artificial intelligence to develop therapies for immunology and oncology, on Friday rang the Nasdaq opening bell as the company expects to raise $400 million for its initial public offering. The Phase 3 biotech, trading on the Nasdaq under ticker symbol GENB, offered 25 million shares for $16 each, right in the middle of its planned range of $15 to $17, according to a company announcement Friday. However, after CEO Mike Nally rang the opening bell in Times Square, Generate Biomedicines' stock dropped 6% in its debut, with shares trading at just under $12 as of late Friday afternoon. The offering is expected to close on March 2, according to the announcement. A representative for Generate Biomedicines could not be immediately reached for comment Friday. Goodwin Procter LLP is representing Generate Biomedicines, while Latham & Watkins LLP is representing the underwriters, which include Goldman Sachs & Co., Morgan Stanley, Piper Sandler, Guggenheim Securities, and Cantor. Based in Somerville, Massachusetts, Generate Biomedicines uses an artificial intelligence discovery platform to create medicines for severe asthma, according to a U.S. Securities and Exchange Commission filing earlier this week. "Our vision is to program biology to generate optimal therapeutics for the greatest impact on human health," the company said in its filing. "Central to our vision is the Generate Platform, designed to be a therapeutic area and protein modality agnostic system integrating computational innovation with scalable biohardware to address therapeutic challenges beyond the reach of traditional technologies." Its lead product candidate, called GB-0895, is an investigational long-acting monoclonal antibody that is in development to treat severe asthma, the filing said. "Severe asthma represents a substantial unmet medical need, with industry sources suggesting that only 15% to 25% of eligible patients receive biologic therapy," the company said in its filing. "There are adherence and persistence challenges with existing shorter-acting biologic agents and GB-0895's potential ... dosing regimen is designed to reduce injection frequency to address these challenges." The company is backed by life sciences-focused venture capital firm Flagship Pioneering, which the SEC filing noted is Generate Biomedicines' lead investor. The Goodwin team advising Generate Biomedicines includes Stuart Cable, Joseph Theis, Stephanie Richards, and Janet Hsueh. The Latham team advising the underwriters includes Peter Handrinos, Wesley Holmes, and Samuel Niles.

Feb 27

2 min

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for life-threatening diseases and other public health threats, has announced that it has entered into a definitive agreement to be acquired by Gurnet Point Capital and Novo Holdings A/S in a transaction valued at approximately US$462 million, including the assumption of debt and assuming full payment of a Contingent Value Right (CVR). Debt financing of US$175 million for this transaction will be provided by funds managed by Oaktree Capital Management, L.P. Latham & Watkins LLP represents Gurnet Point Capital in the transaction with a corporate deal team led by partners Leah Sauter and Peter Handrinos, with associates William Tevlin, Ozden Samur-LaBruna, and Jesse Lake. Advice was also provided on intellectual property matters by partner Chris Hazuka, with associate Arun Mohan; on executive compensation and employee benefits matters by partner Matthew Conway, with associate Ashlie Lawton; on data privacy matters by partner Marissa Boynton, with associates Kiara Vaughn, and Priyanka Krishnamurthy; on equity derivatives by partner Reza Mojtabaee-Zamani, with associate Jack Neff; on tax matters by partner Katharine Moir, with associate Gregory Conyers; on financing matters by partners Haim Zaltzman and Jennifer Kent, on antitrust matters by counsels Patrick English and Wesley Lepla, with associate Denver Dunn; and on regulatory matters by counsel Ruchi Gill.~~

Jun 6

1 min