Ropes & Gray advised Perceptive Advisors LLC in its investment in Rhythm Pharmaceuticals, Inc., a biopharmaceutical company focused on treatments for rare neuroendocrine diseases including disorders that lead to severe obesity.
Perceptive led the purchase of $150 million in series A convertible preferred stock. Rhythm intends to use the proceeds of the sale to fund its clinical development programs and commercialization activities.
The transaction was announced in an April 1 press release and is expected to close on or around April 15, subject to the satisfaction of customary closing conditions.
Perceptive Advisors is a life sciences-focused investment firm that currently manages approximately $8 billion across its strategies.
The team was led by capital markets counsel Ray Grant and included mergers & acquisitions partner Michael Beauvais, capital markets partner Daniel Forman and tax partner Elaine Murphy.
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