Mintz served as legal counsel to ProKidney LP, a leading clinical-stage cellular therapeutics company focused on chronic kidney disease, in its combination with Social Capital Suvretta Holdings Corp. III, a special purpose acquisition company (SPAC), and its subsequent listing on the Nasdaq. The Class A ordinary shares will begin trading under the ticker symbol “PROK” on July 12, 2022.

The previously reported deal will provide approximately $597 million in gross cash proceeds, including a fully committed PIPE investment of $575 million, and approximately $20 million of cash held in the trust account of Social Capital Suvretta Holdings Corp. III.

The PIPE was led by a $125 million investment from Social Capital with an additional $50 million from ProKidney’s existing investors, approximately $30 million from Suvretta Capital’s Averill strategy, and the remaining $370 million from institutional investors and family offices.

ProKidney's lead product candidate, REACT®, is in Phase 3 clinical development and has the potential to slow, stabilize and reverse decline in kidney function. Proceeds from the transaction will fund REACT®’s Phase 3 development program, accelerate ProKidney’s manufacturing buildout, and ultimately prepare for the global commercial launch of REACT®.

The Mintz team advising ProKidney included Member, Chair of the firm’s Corporate Practice and Co-chair of the Securities & Capital Markets Practice Megan Gates; Member Matthew T. Simpson; Member Jason McCaffrey; Of Counsel Kate Stewart; and Associates Keunjung “KJ” Cho, Raven Sun, and Garrett Galvin.

Mr. Simpson said, “This is a fantastic next step in ProKidney’s evolution and will help it to further develop this extremely promising therapy. We are especially encouraged by today’s closing and listing, particularly set against the backdrop of a market that is in a state of flux. We look forward to ringing the Nasdaq opening bell with the ProKidney team on July 13.”  

Mintz is a pioneering firm, recognized as an early adopter and at the forefront of SPAC transactions since the early 2000s. Having handled the first-ever New York Stock Exchange SPAC transaction, the firm’s interdisciplinary team draws from decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, the firm has handled over 60 SPAC and reverse merger transactions and worked on several recent SPACs for multi-billion-dollar value companies. Please click here to learn more about Mintz’s SPAC practice.

In addition, the firm continues its leadership role in life sciences. The firm’s attorneys advise hundreds of businesses and other organizations across the sector’s ecosystem—from start-ups and emerging growth companies to large public companies as well as venture capital and private equity firms, investment banks, and research and academic institutions—on pivotal deals, mission-critical disputes, intellectual property, and regulatory matters.

Learn more about Mintz’s Life Sciences Practice here.