Katten represented Processa Pharmaceuticals, Inc., a clinical-stage pharmaceutical company headquartered in Vero Beach, Florida, in its acquisition of Vidya Therapeutics, Inc., a clinical-stage biotechnology company. Concurrent with the acquisition, Processa entered into a private placement financing expected to generate approximately $200 million in gross proceeds from a syndicate of leading healthcare investors.
The acquisition adds Vidya's lead asset, VT-7208, a next-generation Bruton's tyrosine kinase (BTK) inhibitor for immune-mediated diseases, to Processa's pipeline. VT-7208 is being developed for multiple immune-mediated indications, including food allergy, chronic spontaneous urticaria and relapsing multiple sclerosis.
The Katten team advising Processa was led by Josh Kaufman, Lead Partner of the firm's Public Company Advisory Practice and Managing Partner of the firm’s newly opened Miami office, underscoring Katten’s growing presence in South Florida and its commitment to serving clients across the state’s life sciences and healthcare sectors; Mark Wood, Co-Chair of the firm's Capital Markets Group; and Peter Bogdanow. They were joined by Partners Jon Weiner and Elizabeth McNichol, with support from Associates Julia Brook, Cade Brittain and Max Licona.
"Processa's acquisition of Vidya and concurrent financing evidence the critical value placed by the life sciences community on the merger process as an alternative pathway to the public markets for emerging companies," Kaufman said. "We were pleased to support Processa on this transformative transaction to help facilitate the company's next phase of growth. As Katten continues to expand its presence in South Florida with our new Miami office, we’re proud to advise innovative companies like Processa that are driving advancements in healthcare and biotechnology."
