PHC Holdings Corporation and Ascensia Diabetes Care, a PHC Group company, has announced a strategic partnership with Senseonics Holdings, Inc., a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes. The partnership comprises a global commercialization and distribution agreement and a concurrent financing agreement. As part of the financing agreement, PHC Holdings Corporation, the parent company of Ascensia, has made an initial strategic investment of US$35 million into Senseonics in the form of convertible debt securities. In addition, a further US$15 million investment will be provided in exchange for Senseonics convertible preferred equity, upon FDA approval of the 180-day Eversense product.
Latham & Watkins LLP represented PHC Holdings Corporation in the distribution agreement and financing agreement. Partner Judith Hasko and associate Peggy Ni advised on the distribution agreement, and partners Greg Rodgers and Paul Bonewitz advised on the financing, with associates Andrew Blumenthal, Preeta Paragash, Nicholas Reist, Claire Solimine, and Matthew Issa. Advice was also provided on tax matters in the financing by partner Bora Bozkurt, with associate Aaron Bernstein. Partner Josh Dubofsky advised on general corporate matters on all aspects of the transactions.