Ropes & Gray Represents Perceptive Advisors in Rhythm Pharmaceuticals Convertible Preferred Stock Investment

In The News
April 2, 2024

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.