Morrison & Foerster represented Krystal Biotech, Inc. (“Krystal”) as issuer’s counsel in connection with a private investment in public equity (“PIPE”) in Krystal. Krystal sold 1,729,729 shares of its common stock to certain institutional investors for an aggregate purchase price of approximately $160 million. The lead investors in the transaction were funds affiliated with Avoro Capital and Redmile Group.
Krystal, based in Pittsburgh, PA, is a biotechnology company focused on developing and commercializing genetic medicines for patients with rare diseases. On May 19, 2023, Krystal announced receipt of FDA approval of VYJUVEK for the treatment of patients six months of age or older with dystrophic epidermolysis bullosa (“DEB”), including both recessive and dominant types of the disease. VYJUVEK is the first-ever redosable gene therapy for the treatment of DEB.
The MoFo team, led by Austin, TX partner John Hensley, included Washington, D.C. partner Justin Salon and Washington, D.C. associates Jonathan Burr and Noah Edmondson.