Sidley Represents Bolt Biotherapeutics in the Acquisition of Prana Therapies and Concurrent US$120 Million Private Placement Financing

Sidley represented Bolt Biotherapeutics, Inc. (Nasdaq: BOLT) in its acquisition of Prana Therapies, Inc., a clinical-stage biotechnology company developing next-generation antibody therapies targeting inflammatory diseases, and a concurrent private placement financing providing $120 million in upfront gross proceeds for the purchase of shares of Series D non-voting convertible preferred stock and up to an additional $60 million upon exercise of accompanying warrants with a syndicate of new and existing leading healthcare institutional investors. The acquisition was a sign-and-close reverse merger, in which the parties entered into a merger agreement for a stock-for-stock transaction and will enable Bolt to advance Prana’s pipeline of innovative therapies for conditions including asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis.

More detail about the transaction can be found here.

The Sidley team was led by Frank Rahmani (Emerging Companies and Venture Capital, Capital Markets), Nick DeAngelis (M&A), and Asher Rubin (Technology and Life Sciences Transactions), and included Molly Homann, Becca Davis, and Charles Santoro (M&A); Karim Pirani (Employee Benefits and Executive Compensation); Alison Lehner (Emerging Companies and Venture Capital); Christian Brause (Tax); Torrey Cope and Julea Lipiz (Food, Drug and Medical Device); and Karena Kong (Technology and Life Sciences Transactions).