Fenwick is representing Veracyte, Inc. (Nasdaq: VCYT), a global genomic diagnostics company, in its pending acquisition of Decipher Biosciences, Inc., and in an underwritten public offering to help finance the acquisition.
Veracyte’s $600 million acquisition of Decipher Biosciences, a commercial-stage precision oncology company focused on urologic cancers, will advance Veracyte’s global leadership in the genomic cancer diagnostics market while accelerating revenue growth.
The day after announcing the pending acquisition of Decipher, Veracyte announced the pricing of the underwritten public offering of 7.4 million shares of common stock at a price of $74 per share, with gross proceeds of approximately $550 million. Goldman Sachs & Co. and SVB Leerink acted as joint lead book-running managers for the offering; William Blair & Company acted as a book-running manager; and BTIG, Needham & Company and Lake Street Capital Markets acted as co-managers.
The pending acquisition of Decipher Biosciences is subject to regulatory approval and the satisfaction of other customary conditions. More information can be obtained from Veracyte’s announcement.
The public offering is expected to close on or about February 9, 2021, subject to customary closing conditions. More information about it can be obtained from Veracyte’s announcement.
The Fenwick team advising Veracyte on these transactions includes corporate partners Doug Cogen, Ran Ben-Tzur and Lynda Twomey, counsel Kee Bong Kim and associates Michael Shaw, Trevor Lynch, Joanna Xu, Alyssa Zhang and law clerk Anja Kong; executive compensation and employment benefits partner Elizabeth Gartland and associates Liza Morgan, Bryan Belok and Cynthia Yuan; technology transactions partner Jake Handy and law clerk Kehl Sink; privacy and cybersecurity partner James Koenig and director Brent Hoard; and tax counsel Ora Grinberg and associate Einav Axler.