MoFo Advises Rakuten Medical on its Acquisition and Concurrent $90M Financing

Morrison & Foerster advised Rakuten Medical, a clinical stage, global biotechnology company developing precision, cell-targeting therapies to treat cancer utilizing a proprietary photo-immunotherapy platform, in a carve-out asset acquisition of a key component of the mechanism of action for the company’s products from Li-Cor. The acquisition ensures a reliable supply chain to support the development and commercialization of therapies on Rakuten Medical’s Illuminox™ platform as the company embarks on global Phase 3 clinical trials for its lead product which has already received marketing approval in Japan.

The MoFo team also advised Rakuten Medical on a concurrent $90 million convertible note financing. Rakuten Medical has raised over $560 million of capital to date.

The MoFo team was led by San Diego corporate partners Jim Krenn and Jay de Groot, with significant assistance from San Francisco technology transaction partner Rufus Pichler and associate Leanne Ta, New York corporate associates Stephanie Ference and Lee Nisson, San Diego corporate associates Andrew Dixon and Carey Hughes, San Diego patent partner Jim Mullen and associate Huang Huang, Washington D.C. antitrust partner Vishal Mehta and associates Eric J. Olson and Haydn Forrest, San Francisco tax partner Maureen Linch and associates Adam Nguyen and Jessica Stern, San Diego tax partner Shane Shelley, Washington D.C. CFIUS of counsel Aki Bayz, FDA partner Bethany Hills, and others.

Read more about the transaction in the company’s press release.