Ropes & Gray represented Davidson Kempner Capital Management and Highbridge Capital Management in a convertible note exchange and purchase transaction with biotech company, Biora Therapeutics Inc., reducing Biora’s debt by 60%, coupled with a maturity extension and the provision of $16.7 million in new capital to Biora. The transaction was announced in a December 18 press release.

Davidson Kempner Capital Management is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach.

Highbridge Capital Management is a global alternative investment firm offering credit and volatility focused solutions across a range of liquidity and investment profiles, including hedge funds, drawdown vehicles, and co-investments.

This team was led by capital solutions & private credit partners Sam Badawi and Alyson Gal and IP transactions partner Melissa Rones.