Cidara Therapeutics Announces Concurrent Reacquisition of IP Rights to CD388, $240 Million PIPE Financing

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.

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.

Cooley has more than 1,300 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of nearly 3,000.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.