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Latham & Watkins Advises Bioventus in its Initial Public Offering

Bioventus Inc. has announced the pricing of its initial public offering of 8 million shares of Class A common stock at a public offering price of US$13 per share. The Company’s Class A common stock began trading on the Nasdaq Global Select Market under the symbol “BVS.”

Latham & Watkins LLP represents Bioventus, Inc. in the offering with a corporate team led by Boston/New York partner Wesley Holmes and Orange County/New York partner Charles Ruck, with associates Katie Lovejoy, Jessica Lim, Jonathan Hernandez, and Hera Liao. Advice was also provided on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with associate Eli McCrain; on benefits and compensation matters by New York counsel Rifka Singer, with associate Daniel Gocek; on intellectual property matters by Bay Area partner Judith Hasko, with associate Seth Appiah-Opoku; on public company representation matters by New York partner Dennis Craythorn, with associate Kate Pritchard; on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards, with associate Barrett Tenbarge; and on healthcare regulatory matters by Washington, D.C. partners Stuart Kurlander and Eric Greig.

Latham & Watkins: Serving Those Who Served

From risking their lives on the battlefield to providing urgent care to those in need around the globe, active members and veterans of the Armed Forces embody the meaning of service. We are proud to work on their behalf in a number of ways.

In conjunction with the National Veterans Legal Services Program’s (NVLSP) Lawyers Serving Warriors Program, more than 400 lawyers across 15 offices have taken on over 270 matters on behalf of veterans and active-duty service members in the last eight years, including more than 100 matters in 2020. This work often involves appealing military disability ratings, which determine the amount of military disability benefits disabled veterans receive for their conditions. Our clients through NVLSP include a decorated officer who sustained injuries in combat operations in Iraq. Representing him before the Physical Disability Board of Review, we secured a disability rating that results in full disability benefits and healthcare for him and his family. We also successfully brought a case against the government in the Court of Federal Claims to help a former Navy SEAL receive full retirement and medical benefits after the Navy found that his traumatic brain injury was not an “unfitting condition.”

This year, we also achieved an appellate victory establishing a precedent that could benefit hundreds of military officers. Under law, officers passed over twice for promotion must be discharged unless they are close to eligibility for retirement. But, in 2010, the US Air Force narrowed its exceptions to this policy — forcing out over 150 majors, including our client. In a reversal of the judgment of the Court of Federal Claims (CFC), the Federal Circuit found that he had been wrongfully discharged and that the Air Force had improperly rewritten the involuntary discharge protection for officers who are nearing retirement. Further, the Federal Circuit remanded in a rare precedential opinion with express instructions to convene a special board for reconsideration that effectively bypassed the CFC.

Our pro bono support for veterans extends to significant legal matters involving leading volunteer organisations. We recently secured an important federal court victory for Team Rubicon, Inc. (TRI), a non-profit group that deploys US veterans in response to large-scale disasters. TRI sought our representation in connection with a contentious trademark dispute with a former licensee. In response to the suit, a New York-Chicago-DC litigation team filed counterclaims and a motion for preliminary injunction on TRI’s behalf to protect the organisation’s trademarks and intellectual property, as well as to vindicate its charitable interests — with favourable results for our client. Not only was the motion granted, but TRI received all of the injunctive relief it had requested. The US Court of Appeals for the Second Circuit upheld the preliminary injunction, with the plaintiff’s motion being denied in its entirety.

Serving means rising above self-interest to help others. Latham stands with active and retired service members.

Latham advises NVIDIA on US$40 Billion acquisition of Arm

Latham & Watkins LLP represents NVIDIA in its acquisition of Arm Limited (Arm) from SoftBank in a cash and stock deal valued at up to US$40 billion. The combination brings together NVIDIA’s leading AI computing platform with Arm’s vast ecosystem to create the premier computing company for the age of artificial intelligence, accelerating innovation while expanding into large, high-growth markets. SoftBank will remain committed to Arm’s long-term success through its ownership stake in NVIDIA, expected to be under 10 percent.

The Latham deal team is led by M&A partners Josh Dubofsky and Charles Ruck in Silicon Valley and New York and Ed Barnett and Farah O’Brien in London, with associates Saad Khanani, Amro Suboh, Hector Sants, Stephanie Isaia, Oliver Cohen, Rachelle Polsky, Michael O’Halloran, Andria Varnavides, Angharad Simon, and Saavan Shah. San Francisco partner Joshua Holian, Brussels partner Sven Völcker, Washington, D.C. partner Les Carnegie, and London partners David Little and Charles Claypoole advised on regulatory matters with counsels Rita Motta, Jana Dammann, and Annie Froehlich, and associates Sophia Bertran, Natasha Pardawala, Giuditta Caldini, Alexandra Luchian, Niklas Brüggemann, and Rob Price.

Advice was also provided on tax matters by Washington, D.C. partner Nicholas DeNovio and London partner Sean Finn, with associates Pierce Pandolph, Aoife McCabe, and Jared Grimley; on intellectual property matters by London partner Deborah Kirk and Silicon Valley partner Anthony Klein, with associates Arielle Singh, Kirsty Watkins, Grace Erskine, and Elva Cullen; and on benefits and employment matters by London partner Catherine Drinnan, Paris partner Matthias Rubner, Munich partner Tobias Leder, and San Francisco partner Julie Crisp, with associates James Robinson, Adam Ray, Romain Nairi, and Agathe Flandre; on real estate matters by London partner Quentin Gwyer with associate Danni Davies; and on environmental matters by London partner Paul Davies with counsel Michael Green. Additional advice on the transaction was provided by counsels Rachel Alpert and Daniel Smith, and associates Jason Despain, Yasmina Vaziri, and Marcus Tomlison.

Latham advises Morpheus Space in its series seed funding round

Morpheus Space has announced the closing of its first private funding round, led by Vsquared Ventures. Others in the round include Lavrock Ventures, Airbus Ventures, In-Q-Tel, Pallas Ventures and Techstars.

The space tech start-up was founded in 2018 as a spin-off from the chair of space systems of Technical University of Dresden. The company has created the ground-breaking Spacecraft Electric Propulsion Systems, NanoFEEP, which is the smallest and most efficient satellite propulsion system that provides in-orbit mobility for the widest range of satellite sizes.

“We are proud to have had Latham’s support on this milestone transaction for Morpheus,” said Daniel Bock, Co-Founder and CEO. “For every legal discipline we needed in the U.S. and Germany, they provided an almost instantaneous solution to help make this cutting edge tech transaction an intercontinental success.”

Latham & Watkins LLP represents Morpheus Space in the transaction. The emerging companies team was led by Los Angeles associate David Pendergast, with assistance from Los Angeles associate Zach Gray. The German corporate team was led by Hamburg partner Christoph Engeler, with associate Daniel Kreutzmann. Advice was also provide on intellectual property matters by Frankfurt partner Susan Kempe-Mueller and Los Angeles partner Ghaith Mahmood; on employment matters by Munich associate Kristina Steckermeier; on German public R&D grant matters by Frankfurt associate Alexander Wilhelm; and on regulatory matters by Hamburg associate Niklas Bruggermann.

Latham began representing Morpheus Space nearly a year ago, and helped the founders Daniel and Istvan Lorincz navigate a variety of legal questions on both sides of the Atlantic, culminating in a very exciting deal that will help the Company unlock the next phase of growth in its mission.

Latham raises record amount for D.C. Legal Aid Society

Latham & Watkins LLP is pleased to announce that it raised a record amount – more than US$218,000 – for this year’s Making Justice Real campaign (formerly known as the Generous Associates Campaign), the principal fundraising campaign targeted at individual attorneys for the Legal Aid Society of the District of Columbia. Latham surpassed US$200,000 for the third year in a row and led the city in giving for the sixth consecutive year. The annual two-month summer campaign raised US$3.1 million overall to support the operations of the Legal Aid Society of the District of Columbia covering one third of Legal Aid’s annual operating costs, and smashed the previous record fundraising amount.

The firm’s fundraising goals were achieved through broad participation of lawyers and staff. Our efforts were led by Washington, D.C. partners David Dantzic, Amy Rigdon, and Shagufa Hossain; associates Loyal Horsley and Ethan Prall; litigation services supervising attorney Dana Louttit; and litigation services attorney Quiana Montgomery; with special contributions from attorney support coordinator Deborah Baggott and director of administration – Washington, D.C. Matt Fritz.

Latham partner and Legal Aid Board President David Dantzic said, “I am once again awed by the generosity of Latham and firms throughout the D.C. legal community, especially with the challenges that everyone is dealing with this year. While we all face our own difficulties, the success of the campaign shows that in times of crisis we, as firm and a community, are able to recognise and help those who need it most.”

The campaign is a fundraising drive run by associates at Washington, D.C. law firms each summer. Latham associates helped initiate the Making Justice Real campaign more than 30 years ago. The funds raised through this campaign allow Legal Aid to continue to provide free legal services to the neediest members of the D.C. community in the areas of domestic violence/family, housing, public benefits, immigration, and consumer law.

About Legal Aid Society of the District of Columbia

The Legal Aid Society of the District of Columbia is D.C.’s oldest and largest general civil legal services organisation. Since 1932, Legal Aid lawyers have been making justice real in individual and systemic ways for persons living in poverty in the District. Learn more about Legal Aid.

Latham advises Berkeley Lights in initial public offering

Berkeley Lights, Inc., a leader in Digital Cell Biology, has announced the pricing of its initial public offering of 8,100,000 shares of common stock at a public offering price of $22.00 per share. All of the shares of common stock are being offered by Berkeley Lights. In addition, Berkeley Lights has granted the underwriters a 30-day option to purchase up to an additional 1,215,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Berkeley Lights’ common stock began trading on the Nasdaq Global Select Market on July 17, 2020, under the ticker symbol “BLI.” The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Berkeley Lights, are expected to be approximately $178.2 million, excluding any exercise of the underwriters’ option to purchase additional shares.

Latham & Watkins LLP represents Berkeley Lights, Inc. in the offering with a life sciences capital markets team led by Bay Area partner Brian Cuneo with Bay Area associates Alexander White, Meredith Peake, Raul Gonzalez, Theresa Bloom and Amanda Dillon. Advice was also provided on tax matters by Bay Area partner Grace Lee, with Bay Area associate Abigail Friedman; on benefits and compensation matters by Bay Area partner Ashley Wagner; on intellectual property matters by Bay Area partner Judith Hasko, with Bay Area associate Gavin Liu; and on regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsel Betty Pang, with Washington, D.C. associate Chad Jennings.