Ropes & Gray advised Sanofi in a $40 million strategic investment in Vigil Neuroscience, a clinical stage biotechnology company focused on developing treatments for neurodegenerative diseases. Sanofi will purchase 537,634 of the Company’s Series A non-voting preferred shares, each share of which shall be convertible into ten shares of common stock, at an as-converted price of $7.44 per share of common stock. Vigil plans to use the proceeds to fund its research and development activities. The transaction was announced on June 27.
In connection with the equity investment, Vigil has granted Sanofi an exclusive right of first negotiation for an exclusive license, grant or transfer of rights to research, develop, manufacturer and commercialize Vigil’s small molecule agonist program, including a clinical candidate called VG-3927, focused on a microglia target called TREM2.
The Ropes & Gray team included life sciences licensing associate Dan Freshman, capital markets associates Lisa Folkerth and Susmitha Kudaravalli, life sciences licensing partner Abigail Gregor, and capital markets partner Rachel Phillips.
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