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

Practices: Mergers & Acquisitions, Capital Markets, Securities & Public Companies, Private Equity, Life Sciences

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), capital markets associates Benjamin Kozik (San Francisco) and Katherine Fisher (Boston) and corporate associate Patrick Messenger (San Francisco).

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