Ropes & Gray Advises Novavax in $200 Million Private Placement with RA Capital

A Law360 article highlights how Ropes & Gray advised biotechnology company Novavax, Inc. in a $200 million private investment in public equity (PIPE) transaction with RA Capital Management. The deal was announced on June 15. Novavax is developing a vaccine candidate for COVID-19.

Under the agreement, Novavax sold Series A Convertible preferred stock, convertible into 4,388,852 shares of common stock, to an investment fund affiliated with RA Capital Management in a private placement, at an effective purchase price per share of common stock equal to the June 12, 2020 closing price. Upon closing Novavax will receive gross proceeds of approximately $200 million.

The Ropes & Gray team included capital markets partner Paul Kinsella (Boston).