San Diego – April 24, 2024 – Cooley advised Cidara Therapeutics (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak platform to develop drug-Fc conjugate immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, on its concurrent $240 million private placement financing and definitive agreement with Janssen Pharmaceuticals, a Johnson & Johnson Company, to reacquire the exclusive global development and commercial rights to CD388.
The private placement was led by RA Capital Management, with significant participation from Bain Capital Life Sciences, Biotech Value Fund and Canaan Partners. Proceeds from the private placement will be used to fund the upfront payment under the agreement with Johnson & Johnson and develop CD388 as a universal preventative against seasonal and pandemic influenza A and B.
In exchange for reacquiring the exclusive global development and commercial rights to CD388, Janssen Pharmaceuticals received from Cidara a one-time upfront payment of $85 million and is eligible to receive potential additional development, regulatory and commercial milestone payments.
Partner Charles Bair led the Cooley team advising Cidara on the financing, and partner Jane Adams led the Cooley team advising Cidara on the agreement with Janssen Pharmaceuticals.
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