Fenwick is representing Pardes Biosciences, Inc. (NASDAQ: PRDS), a company that has focused on discovering, developing and commercializing novel oral antiviral therapeutics to improve the lives of patients suffering from life-threatening disease, starting with COVID-19, in its pending acquisition by MediPacific, Inc., an affiliate of Foresite Capital Management.
Pursuant to the terms of the agreement, a subsidiary of MediPacific will commence a tender offer by July 28, 2023 to acquire all outstanding shares of Pardes for a price per share of not less than $2.02 in cash and an additional cash amount of not more than $0.17 per share at closing plus a contingent value right representing the right to receive 80% of the net proceeds payable from any license or disposition of Pardes’ programs and assets effected within five years of closing. Closing of the tender offer is subject to certain conditions. The acquisition is expected to close in the third quarter of 2023. More information can be obtained from Pardes’ announcement.
The Fenwick transaction team included corporate partners Doug Cogen and Ethan Skerry, counsel Jeremy Delman and associates Matt Reiser and Phillip Ewing; capital markets partners Ran Ben-Tzur and Jen Hitchcock and associates Joshua Damm, Beth Clarke and Meg Moloney; technology transactions partner Key Shin; executive compensation and employee benefits partner Matt Cantor; and tax partner Mike Knobler and associate Daphny Lazarus.