Perceptive Advisors Enters Into Definitive Merger Agreement With Vapotherm

Colorado – June 17, 2024 – Cooley advised Perceptive Advisors, a top healthcare investment firm, and its affiliates, including Perceptive Discovery Fund, on its definitive merger agreement with Vapotherm, a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, and listed as VAPO on the over-the-counter quotation exchange (OTCQX). Concurrently with the definitive merger agreement, Vapotherm’s existing lenders, investment affiliates managed by SLR Capital Partners, have agreed to convert approximately $81 million of term debt into preferred equity of the newly formed entity, and Perceptive will invest $50 million of new preferred equity capital into the business. The transaction is expected to close in the second half of 2024 and is subject to customary closing conditions, including receipt of stockholder approval. Upon completion of the transaction, Vapotherm will become a private company and will no longer be publicly listed or traded on OTCQX.

The Cooley team advising Perceptive was led by private equity partner Amelia Runyan Davis and associates Tessa Bell and Rachel Shapiro, mergers and acquisitions partner Kevin Cooper and associates Natalie Vernon and Matan Neuman, and capital markets partners Eric Blanchard and Jean Park and associate Peter Shin, with support from business paralegal Patricia Myers.

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