A cross-departmental Matheson team led by Gerry Thornton with fellow Partners, Fergus Bolster, George Brady, David Jones and Phil Tully, together with team members Raphael Clancy and Darren Quinn is pleased to be advising Irish registered biotech ProKidney LP on its announced transaction to go public through a business combination with Nasdaq listed SPAC, Social Capital Suvretta Holdings Corp. III in a deal valuing the combined entity at $2.64 billion. Upon closing of the transaction, the combined company will trade on the Nasdaq under the symbol "PROK." The transaction is expected to close in the third quarter of 2022.
ProKidney, a leading clinical-stage cellular therapeutics company focused on chronic kidney disease through innovations in cellular therapy, was founded in 2015 after a decade of research. ProKidney's lead product candidate, REACT® (Renal Autologous Cell Therapy), is a first-of-its-kind, patented disease-modifying autologous cellular therapy with the potential to not only slow and stabilize the progression of chronic kidney disease, but in some cases drive meaningful improvement in kidney function. REACT® has received Regenerative Medicine Advanced Therapy (RMAT) designation, as well as FDA and EMA guidance, supporting an immediate start to its Phase 3 clinical program, which launched on schedule in January 2022.
Our leading team of corporate and tax lawyers has consistently been at the forefront of advising on the largest and most complex re-domiciliation, inversion, M&A and capital markets transactions involving Irish registered companies listed on national US markets, and brings unparalleled experience, expertise and practical knowledge of how to navigate the territory where Irish and US securities regulation, tax and company law and governance intersect.
Matheson is standing Irish legal and tax counsel to approximately one third of large and mid-cap Irish registered companies listed on the NYSE and Nasdaq.