Cooley Advises on Candid Therapeutics’ $370 Million Capital Raise, Three-Way Merger

San Diego – September 9, 2024 – Cooley advised Candid Therapeutics, a biotechnology company dedicated to developing potentially transformative drugs to address autoimmune diseases, on its $370 million debut capital raise and three-way merger with Vignette Bio and TRC 2004.

The financing was co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX and venBio Partners. Other notable investors include Foresite Capital, Third Rock Ventures, Fidelity Management & Research Company, Samsara BioCapital, Qiming Venture Partners USA, OrbiMed, Boxer Capital, Redmile Group, Vida Ventures, Two River, Franklin Templeton, LifeSci Venture Partners, Mirae Asset Capital Life Science, Polaris Innovation Fund, and Soleus Capital, among other reputable institutional and mutual fund investors.

The transactions included Candid’s acquisition of Vignette Bio and TRC 2004 through a simultaneous three-way merger and a multistep financing.

Cooley lawyers Carlos Ramirez and Edmond Lay led the team advising Candid on corporate and financing matters, while Matthew Silverman and Ben Beerle led the team advising on the three-way merger.

Cooley previously advised members of Candid’s management team when its former company, RayzeBio, went public through its highly successful, oversubscribed $358 million IPO in September 2023 and RayzeBio’s subsequent $4.1 billion acquisition by Bristol Myers Squibb in December 2023.

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